Inculcate the savings culture

Editor, RE: “Ideas from an eclectic mind: A parachute to financial security” (The New Times, February 10). Sanjeev Anand, a very seasoned banking and finance professional and currently the CEO of one of Rwanda’s leading banks—BPR—revealed, as reported by Eddie Mugarura, that domestic savings in the Rwandan economy are extremely low. Mr. Anand attributed the high lending rates ranging from 16 to 20 per cent partly due to the very low levels of domestic savings. It is a common saying to “keep aside for a rainy day”. This is very much the case irrespective of where on planet earth one lives. Therefore, it is important to inculcate the habit of saving some amount of what one earns each month. The glowing examples of Comaru and Giricumbi are clear markers as to how and with minimal effort, even the common man or woman of Rwanda, can create wealth leading to financial security and economic growth. The Government of Rwanda is always alert as to what is happening around the globe and spares no effort to adapt and implement best practices for the benefit and well-being of her people. Clarence Fernandes

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Inculcate the savings culture