Lilongwe, MALAWI (Maravipost)-President Mutharika mets with major tobacco buyers in Malawi today in anticipation of the opening of the Tobacco auction holdings floors. It is believed the President discussed with the buyers a range of issues and also importantly agreed on minimum price for tobacco sales for this year as follows:
Burley $1.73 per kilogram and Flue Cured $2.75 per kilogram
As the tobacco sales are set to start for the 2014/2015 growing season with the farmers excited that time is now to make wealth from their hard work and sweat.
The tobacco sales season is always hihgly anticipated as it does boost the country’s economic activities,as the kwacha is set to appreciate even more and foreign currency reserves to increase further.
The Peter Mutharika government has been looking forward to this years tobacco sales, even though there is nothing new because this appreciation happens almost annually when tobacco sales resume,there is something different with kwacha this time around against the U.S. Dollar since our local currency was already performing well without the sales of tobacco,which generates more forex.
It is believed by many analysts that the tobacco sales will not only affect the appreciation of kwacha ,but should also boost the foreign currency reserves tobacco being the largest export commodity Malawi has.
The official opening of this years tobacco sales will be officiated by His Excellency Arthur Peter Mutharika.
