The National Bank of Rwanda (BNR) will begin adding gold to its foreign reserves portfolio starting in the next fiscal year, in a move that aligns with a growing regional trend among East African central banks to diversify reserve assets. The development was confirmed by the Central Bank Governor, Soraya Hakuziyaremye, on Thursday, May 15, during the presentation of the quarterly monetary policy committee (MPC) update, which reviews recent global and national economic developments, as well as informs potential interventions. Reacting to Rwanda’s position on gold as a strategic reserve asset, Hakuziyaremye said, “This is a new asset class for us, but our consideration for now is positive.” “We have the approval from the Central Bank board to begin adding gold to our portfolio starting in the next financial year, which begins in July,” she revealed during a press briefing on Thursday. According to Governor, the decision follows a broader regional shift noted by the East African Community (EAC) Monetary Affairs Committee, which observed that several central banks in the region are moving toward gold accumulation as part of their reserve management strategies. Hakuziyaremye highlighted that the NBR has already conducted a study assessing gold’s viability as a reserve asset. Key considerations included its role in countering external shocks, its liquidity, and its potential to preserve capital in times of market stress. “As the Central Bank, our foreign reserve objectives are centered on capital preservation, liquidity, and securing adequate returns,” she said. “Gold currently meets all these criteria.” While the Bank has not yet disclosed the exact volume or proportion of gold to be acquired, officials indicated that the first steps in allocation will begin in the upcoming fiscal year, with more details expected by year-end. Globally, central banks have been increasing gold purchases over the past two years, as concerns over inflation, currency volatility, and shifting geopolitical alliances drive demand for non-dollar reserve assets.
