About the AUD/RWF rate
The AUD/RWF rate is how many RWF one Australian dollar buys. It moves constantly with interest-rate expectations, commodity prices and global risk sentiment - see what moves the rate. Tradergy shows the mid-market reference rate and does not forecast where it’s heading. For the 52-week highs and lows and a daily table, see the AUD/RWF rate history.
Where else this pair appears: the reverse rate, RWF → AUD, is on the receiving Rwandan franc view, and sending Australian dollars to Rwanda is covered on the AUD → RWF transfer page. Every AUD pair sits on the convert hub, and to work in more than one currency at once there is the currency converter.
What the central bank is aiming at
From the beginning of 2019 the National Bank of Rwanda moved from a quantity-based monetary targeting regime to a price-based one. The lever it pulls is now an interest rate. Central Banking, reporting the International Monetary Fund's assessment, described the transition and the Fund's approval of how it had gone.
What replaced the old target is specific enough to be checked against. The Bank aims to keep headline consumer price inflation inside a band of 2 to 8 per cent, working towards a medium-term rate of 5 per cent, which the Fund has expressed as five per cent within a band of plus or minus three percentage points. The instrument is the Central Bank Rate, set by the Bank's Monetary Policy Committee and used to steer the seven-day interbank rate.
The mandate underneath all of that is statutory. Law No 48/2017 of 23 October 2017 governing the National Bank of Rwanda states in Article 6 that the Bank's general mission is to ensure price stability and a sound financial system, and goes on to list its functions, among them defining and implementing monetary policy, organising and supervising the foreign exchange market, issuing and managing the currency, and holding the country's official foreign exchange reserves. The same law affirms the Bank's administrative and financial autonomy.
The practical consequence is that the exchange rate sits outside the target. It emerges from a policy aimed at domestic prices, which puts the Rwandan franc in a different category from a currency held at a level on purpose.
Sources: Law No 48/2017 of 23/10/2017 Governing the National Bank of Rwanda (RwandaLII) · Central Banking, IMF praises Rwandan central bank's progress on inflation targeting