As Rwanda joins the world to mark World Savings day on Tuesday, October 31, the Ministry of Finance and Economic Planning (MINECOFIN), says the government's target is to save 23 per cent of its total economic output (Gross Domestic Product or GDP) in the year 2023-2024.
The national savings rate is like a meter for a country's financial well-being. It tells how much money people, businesses, and the government save instead of spending. If the savings rate is high, it means the country is in good financial shape because it can use those savings to invest and grow the economy.In 2022, the amount of money saved by Rwandans compared to their total income , was 14.4 per cent of the country's GDP. However, the goal was to save 18 per cent.
Additionally, the Ministry says there has been awareness campaigns conducted by the Central Bank, Rwanda Social Security Board as well as insurance companies and NGOs to boost the culture of saving among Rwandans.Covid-19 sparked a culture of saving among Rwandans, report shows With an aim of educating people on the significance of prudent financial planning, Rwanda joins the rest of the world on October 31 to mark World Savings Day. Observed annually, the day also emphasises the importance of saving for the future.
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