(Ecofin Agency) - The Rwanda government postponed the sale of its 20% interest in I&M Bank Rwanda via the local stock exchange to the first quarter of 2017, Reuters reported on Nov. 29 citing governor of Central Bank, John Rwangombwa.

The Rwandan subsidiary of Kenyan lender I&M Bank should have been listed before the end of this yead.

Though Rwangombwa did not say why the listing was postponed, experts believe it was due to the valuations decline on Rwanda Stock Exchange (RSE).

Total market capitalization for the seven firms listed on RSE indeed slumped from $4.1 billion at the end of 2015 to $3.6 billion this year, amid commodities price fall.

The Central Bank’s governor however revealed that two IPOs were “in the pipeline”, indicating that the Rwandan subsidiary of Nigerian lender Guaranty Trust Bank should soon get listed on the Kigali bourse.