Rwanda: Broad money (% of GDP)

Key figures

What the numbers say

In 2024, Rwanda's broad money (% of GDP) rose 0.62 percentage points on 2023 (from 25.48% to 26.1%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.4 percentage points and a typical year strayed about 2.17 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 8.85 percentage points in 1994 and the biggest yearly fall was 7.29 percentage points in 1975. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 0.73 percentage points a year. A straight line explains 82% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

A straight-line projection, tested first

Extending that straight line gives about 28.51% for 2027. We show this only because the same method, fitted on earlier years, predicted 2022 to 2024 better than "no change" would have: its average miss was 0.28%, against 0.5% for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

In 2024, Rwanda had the 33rd highest value of the 33 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Rwanda in the 2024 ranking

• Madagascar — 30th of 33: 27.29%
• Malawi — 31st of 33: 27.15%
• Liberia — 32nd of 33: 27.04%

What this measures

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 61 values

Broad money (% of GDP) in nearby economies

• Angola — 13.79% (2025)
• Benin — 29.58% (2025)
• Botswana — 44.1% (2024)
• Burkina Faso — 43.31% (2025)
• Burundi — 44.6% (2025)
• Cabo Verde — 94.18% (2025)
• Cameroon — 21.4% (2018)
• Central African Republic — 32.9% (2022)
• Chad — 15.98% (2021)
• Comoros — 36.1% (2025)
• Congo, Dem. Rep. — 17.64% (2025)
• Congo, Rep.

More financial sector data for Rwanda

• GDP deflator (base year varies by country) — 107.35 (2025)
• DEC alternative conversion factor (LCU per US$) — US$1,428 (2025)
• Official exchange rate (LCU per US$, period average) — US$1,428 (2025)
• Inflation, GDP deflator (annual % growth) — 7.35% (2025)
• Domestic credit to private sector by banks (% of GDP) — 21.98% (2025)
• Net domestic credit (current LCU) — 5.85 trillion (2025)
• Net foreign assets (current LCU) — 4.18 trillion (2025)
• Monetary sector credit to private sector (% of GDP) — 22.09% (2025)
• Claims on central government, etc. (% of GDP) — 0.74% (2025)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Rwanda's broad money (% of GDP)?

26.1% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1964?

It is up 10.36 percentage points from 15.74% in 1964. The highest value was 26.1% in 2024 and the lowest 10.53% in 1968.

How does Rwanda rank?

Source

World Bank, World Development Indicators, indicator FM.LBL.BMNY.GD.ZS, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF); World Development Indicators Database, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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