Rwanda’s banks had a tough time in 2013. Growth in the east African economy, which had averaged about 8% since 2000, slowed to 4.6%, its lowest rate in a decade, according to the International Monetary Fund.
The weakness was caused by donors, who finance about 40% of the Rwandan budget, suspending aid in response to allegations that the government was backing rebels in the neighbouring Democratic Republic of Congo. The fall in foreign exchange inflows was severe enough that the Rwandan franc lost 9% of its value versus the dollar last year, while the decrease in government spending was felt widely.
