Economy

Price of cherry coffee increases by 10%

02-21-2020 “The price of cherry coffee A has increased from BIF 500 to BIF 550 per Kg while cherry coffee B increases from BIF 250 to BIF 275 per Kg “said Déo Guide Rurema, Minister of the Environment, Agriculture and Livestock, at the official launch of the 2020-2021 Coffee Campaign. (...)

Agriculture Minister warns traders against exporting food illegally

02-20-2020 “We would like to warn speculative traders about stealing food production in order to sell it at an exorbitant price in neighboring countries”, said Déo-Guide Rurema, Minister of Agriculture at a press conference on the production of the season crop A held on 19 February. He said the ministry (...)

Commercial banks make currency exchanges under strict conditions

02-18-2020 All currency exchange offices have been closed since February 15 following the measure taken on 11 February by Jean Ciza, Governor of Burundi Central Bank. He accuses foreign exchange dealers of violating the current currency exchange regulations. Only commercial banks are allowed to deal with foreign currencies. This measure (...)

OLOCUME disagrees with BRB decision to close forex offices

02-13-2020 Gabriel Rufyiri, Chairman of a corruption watchdog-OLUCOME says the decision taken by the Burundi Central Bank-BRB doesn’t provide any solution to the problem of the lack of foreign currencies in Burundi. He says the country faces a major challenge since financial partners reduced their support to the government in (...)

Economy expert concerned over closure of all forex offices

02-12-2020 Jean Prosper Niyoboke, expert in economy says the decision taken by Burundi Central Bank to close all foreign currency offices will have no impact on the Burundian economy if the government is ready to supply enough foreign currencies as the forex offices did to satisfy their clients. “The exchange (...)

Burundi Central Bank closes all foreign currency exchange offices

02-11-2020 Jean Ciza, Governor of Burundi Central Bank says foreign currency exchange offices didn’t respect the rules set for foreign exchange rate. “The foreign currency dealers bought dollars but they rarely supplied them to the clients,” says Mr. Ciza. He also says foreign currency dealers didn’t use BUREX, the software (...)

Little interest in foreign currency trade in Bujumbura city

02-07-2020 Some foreign currency dealers have temporarily suspended their daily activities in Bujumbura city. H.M, one of the exchange dealers says the demand of foreign currency is very low these days. “Our clients only look for BIF,” he says. Diomède Nduwayo, another dealer says the cost of the dollar has (...)

Tax fraud is punishable offence, warns Burundian Revenue Authority

02-07-2020 “The Burundian Revenue Authority-OBR discovered taxpayers who deliberately misrepresent their monthly rental income in order to lower rental taxes. They will be punished according to the law,” has said Stany Ngendakumana, spokesman for OBR in a meeting held this 6 February with the Bujumbura city administrative authorities. He has (...)

SOSUMO revises list of sugar wholesalers to end speculation

02-04-2020 Bujumbura residents report an increase in the price of sugar since January 2020 while traders speak of a shortage of this product in stocks. Brigadier General Aloys Ndayikengurukiye, Managing Director of Moso Sugar Company explains that the quantity of sugar sold from January 2019 to January 2020 remains the (...)

Burundi to harvest over 130,000 tons of coffee in 2020/2021 coffee season

01-30-2020 Déo Guide Rurema, Minister of Environment, Agriculture and Livestock has said the 2020/2021 coffee season is very promising. “We expect to collect 136,792 tons of coffee. A good quality coffee will cost BIF 500 per kg while the poor quality will be sold BIF at 250 per kg”, says (...)