Forex down as Malawi tobacco sales take nose dive

Tobacco sales is down compared to same period last year, bringing fears that the country might face forex shortages.

Statistics show that on the 14th week of trading on auction floors, tobacco has fetched K138 billion.

The money has been realized from 1.2 million tonnes of tobacco sold so far.

Same period last year, 1.5 million tonnes of tobacco was sold bringing into the country over K170 billion.

Some economists say this is as a result of a robust anti-tobacco campaign worldwide.

But Tobacco Control Commission maintains the tobacco prices are now picking up.

The Commission said the tobacco sales were affected by the tobacco prices which were hovering at US$1.4 cents per kilogram, saying the prices are now around US$1.7 per kilogram.