Money transfers from Rowanda increased by 20%

The central bank governor stated that the money transfers from Rwandans in the diaspora into the national economy have increased by 19.7% (from US$103.03 million (Rwf57.3 billion) in 2007 to US$128.24 million (Rwf71.3 billion) in November this year). 

Another economic change announced by the governor is that transfers from diaspora through commercial banks have increased by 62.6 % (US$28.3 millions (Rwf15.7 billion) in 2007 against US$17.4 millions (Rwf9.7 billion) in 2006). He also noted that formal channels for diaspora transfers had not captured the transfers passing through informal channels. The estimated informal transfers from diaspora is projected to have doubled in 2007 (from US$21.61 million (Rwf12 billion) in 2006 to US$42.17 million in 2007).

National Bank of Rowanda may be considering creation of an account in central bank as a receiver for all diaspora transfers for free. 

Diaspora remittances have become a major foreign exchange earner for Africa, as almost US$5 billion is being released annually.