Intro
Foreword
Preface
Contents
1 Financial System Development and Monetary Policy
1.1 Introduction
1.2 Financial System and Monetary Policy
1.2.1 Financial Intermediaries
1.2.2 Financial Markets
1.2.3 Financial Infrastructure
1.3 Financial System Development in Rwanda
1.3.1 Financial Sector
1.3.2 Financial Markets
1.3.3 Financial Market Infrastructure Development
References
2 Evolution of Monetary Policy Implementation in Rwanda
2.1 Introduction
2.2 Era of Direct Control (1964-1990)
2.2.1 Monetary Policy Instruments

2.2.2 Outcomes of NBR Monetary Policy Between 1964 and 1994
2.3 Period of Market-Based Monetary Policy Instruments
2.3.1 Monetary Policy Instruments
2.3.2 Outcomes of NBR Monetary Policy After 1994
References
3 Development of the Monetary Policy Framework in Rwanda
3.1 Monetary Targeting Framework in Rwanda
3.1.1 Base Money as Operating Target
3.1.2 Money Multiplier
3.1.3 Money Multiplier Model for Rwanda
3.1.4 Stability of Money Multiplier
3.1.5 The Money Demand
3.1.6 Estimation of Money Demand Function in Rwanda
3.1.7 Stability of Money Demand in Rwanda

3.2 Price-Based Monetary Policy Framework
References
4 Monetary Transmission Mechanism in Rwanda
4.1 Introduction
4.2 Determinants of Monetary Transmission Mechanism
4.3 Interest Rate Pass-Through
4.4 Exchange Rate Pass-Through
4.5 Monetary Transmission Mechanism Assessment: A Vector Autoregressive Framework
4.6 Exchange Rate Pass-Through
References
5 Monetary Policy Communication at the National Bank of Rwanda
5.1 Introduction
5.2 Monetary Communication in National Bank of Rwanda
5.2.1 NBR Communication Strategy
5.2.2 Monetary Communication Tools

5.3 Monitoring the Impact of Monetary Policy Communication
References
Appendix to Chapter 1
Appendix to Chapter 2
Appendix to Chapter 3
Appendix to Chapter 4
Appendix to Chapter 5