Rwanda moves to keep commodity prices stable amid external uncertainties

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Economic Commodity Market
Commodity Market

Rwanda will put in much effort to curb rising commodity prices and heighten regular crackdown on the hoarding and speculation of commodities, Rwandan Prime Minister Edouard Ngirente said Wednesday at a press conference in the Rwandan capital city Kigali.

Ngirente said that the government of Rwanda will act to address the challenges facing Rwandan business community and citizens due to the recent hike in commodity prices.

“The increase in commodity prices is a global issue and is mainly driven by the COVID-19 pandemic which led countries to introducing movement restrictions,” he said.

Ngirente added that unpredictable weather patterns affecting agricultural harvest and speculation among traders has also contributed to hiking in global commodity prices including Rwanda.

The government of Rwanda will take a series of actions ranging from tightening supervision to address market speculation, introducing subsidies on commodities to protect consumers from volatile prices, while implementing measures to support traders to mitigate the impact of rising costs, he said.

According to him, government’s interventions during COVID-19 pandemic contributed to the country’s economic recovery process and mitigated the impact COVID-19 had on the Rwandan business community.

Ngirente said that the government of Rwanda last month introduced fuel subsidies to protect consumers from volatile global oil prices, adding that the country will continue to monitor internal trends in the oil industry and take necessary measures.

Rwandan economy is expected to continue recovering in 2022, with a projected growth of 7.2 percent backed by the government’s supportive macroeconomic policies, according to the National Bank of Rwanda. Enditem

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