Jua kali’ expo opens

The East African Jua Kali expo, an informal sector promotional event started on Thursday at the Gikondo show grounds in Kigali, with over 600 regional exhibitors. Chantal Magnifique, the Director of the Chamber of Crafts, Artists and Artisans in the Rwanda Private Sector Federation (PSF), said that the exhibitors are industrialists in crafts and art from Burundi, Rwanda, Kenya, Tanzania and Uganda. These industrialists are dealing in all trades from wood carvings, furniture, pottery, food production, textiles, leather and jewellery. By press time, Magnifique said that over 600 regional exhibitors had registered for participation. Uganda had registered 159 exhibitors, 234 from Kenya, 269 from Tanzania and 15 from Burundi. “Rwandan exhibitors are about 200 while others are still registering,” she continued. She explained that exhibitors will come together as East African Community (EAC) members to share experiences and network for economic development. BNR to issue Rwf3b Treasury Bills The National Bank of Rwanda (BNR) will issue to the public Treasury Bills (TBs) worth Rfw3 billion. Philemon Safari, Head of Money and Financial Markets in BNR said, the 13 weeks renewable TBs will be open to commercial banks, individual investors and non-banking enterprises. Treasury bills are short term government debt instruments with standard maturities placed at 3 months, 6 months and, in some cases, 1 year. They are usually issued at a discount and are redeemed at their full face value at maturity. Safari, said interest rates will be determined by the market though are predicted to be higher than 7 percent. Robert Mathu, the Executive Director Capital Market Advisory Council said Treasury Bills also influence investors’ decisions in stock markets by comparing interest rates. Inflation soars Rwanda’s inflation for the month of October has been recorded at 21.9 percent, 1.9 decimals more than that recorded in September. The rise comes weeks after the government cut fuel prices. The Minister of Finance and Economic Planning, James Musoni attributed the rise in inflation to the increase in food prices and non alcoholic beverages, which have risen by 2.86 percent collectively. These were mainly driven by bread and cereals which increased by 5.98 percent, meat 4.64 percent, fish 3.63 percent and vegetables 3.25 percent. Figures from the National Institute of Statistics of Rwanda (NISR) show that in October the general consumer price index was established at 179.5. This stands for an increase of 1.21 percent over the previous month which was 177.3. They also indicate that local goods, increased by 1.32 percent last month, while prices of the imported products rose by 0.89 percent. The figures come two months after government reduced fuel prices by Rfw168, a move that was aimed at easing pressure on inflation. PSF to develop property on the coast Rwanda’s Private Sector Federation (PSF) is planning to develop a plot of land, in Mombasa, Kenya. According to officials, the plot will be developed into a ‘dry port’ where it will operate as a centre for trans-shipment to the sea. The move is intended to facilitate handling and forwarding of Rwandan cargo coming through the Mombasa port (Northern Corridor). Over 50 percent of Rwandan cargo comes through this route. According to the development conceptual plan, the plot will have a car yard, warehouses and container terminals. Gustave Nkurunziza, the PSF Income Generating Projects Manager said, that the facility will also ease pressure on the Mombasa port, which has recently faced congestion thereby negatively affecting trade and investment in the region. Some of development stakeholders include Magerwa, a public-private bonded warehouse, Rwanda Tea Authority (Ocir-The), and Intra Speed, a regional freight handling company. Emmanuel Hategeka, the PSF Permanent Secretary said that the development comes after government through the Ministry of Infrastructure offered the plot to the private sector in April this year. He said that the plot had problems all of which have been solved and now awaits development. Officials in PSF revealed that by the time the plot was acquired, it had rental arrears of 31 years worth Ksh6.2m (Rwf43m), which the development partners have cleared. Ends