Algeria’s President Abdelmadjid Tebboune has ordered a crackdown on speculation in the agriculture sector, vowing to punish those who use shortages as an excuse to raise prices.
In a meeting of the Council of Ministers on Tuesday, Tebboune said that he will not tolerate “the use of the terms scarcity and speculation as an excuse to destabilize the market.”
The president’s comments come amid rising concerns about food security in Algeria. The country is a major importer of wheat and other agricultural products, and it is vulnerable to price fluctuations in the global market.
Tebboune said that the government will take “drastic and deterrent measures” to punish those who engage in speculation. He also ordered the government to increase production of agricultural products to reduce Algeria’s reliance on imports.
The president’s crackdown on speculation is likely to be welcomed by Algerian consumers. However, it remains to be seen whether the government will be able to effectively enforce its new measures.
