• June 16, 2024

Malawi Tobacco Auction Floors Open

 Malawi Tobacco Auction Floors Open
Photo: Taco Tuinstra

President Lazarus Chakwera is set to preside over the official opening of Malawi’s tobacco marketing season at Lilongwe Auction Floors today. He will announce the minimum prices for the leaf as well, reports Nyasa Times.

The opening of the tobacco market brings hope for foreign currency availability. Malawi has been struggling with a shortage of foreign currency this year, in part due to comparatively low tobacco export volumes in 2022.

The Tobacco Commission stated that about 20,000 bales have been presented to market, and 2,600 are expected to be sold on opening day.

Production is expected to increase from 85 million kg last year to 126 million kg this year.

Auction floors at Chinkhoma, Limbe and Mzuzu are set to open on April 13, April 17 and May 2, respectively.