With the Tour du Rwanda set this weekend, organisers, Rwanda Cycling Federation (FERWACY) have revealed that the fluctuating foreign exchange rate has prompted the increase of the competition budget to Rwf500 million.
Last year, the annual international race cost an estimated Rwf460 million, an increase of Rwf60m from the 2015 edition, while the 2014 race cost an estimated Rwf400 million.
FERWACY president Aimable Bayingana, speaking to the media on Thursday evening, disclosed that, “The budget had been increased since all the logistics that were purchased for the tour are procured from outside, which has been affected by the fluctuating foreign exchange rate.”
“The other reason is that of the use of latest technology that will be employed during the competition,” Bayingana explained.
The US dollar goes for Rwf854.43 on the market.
Experts also believe the increase is because of the inflation rate in Rwanda, which according to an Institute of Statistics of Rwanda CPI report, increased slightly to 3.8% in September.
The eight-day, seven stage Tour du Rwanda is the most sponsored sporting even in the country, with its financiers including Ministry of Sports, SKOL, Rwanda Development Board, Cogebank and RwandAir, Soras, Inyange Industries, to mention a few.