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Tobacco fetches K157 billion

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Tereza Ndanga

The country has realised K157.2 billion [$191.5] from tobacco as its market draws to an end after 17 weeks of sales.

Tobacco Commission (TC) had planned to close all tobacco markets Wednesday but left Lilongwe Auction Floors (LAF) open for some days.

Auction Holdings Limited spokesperson Teresa Ndanga said 118.6 million kilogrammes (kg) of the cash crop have been sold so far.

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TC Chief Executive Officer Joseph Chidanti Malunga said LAF was operating because tobacco bales were still coming for auction.

“We planned to close today [Wednesday] but we have realised that there is still tobacco coming. So, we will keep it open for some time,” Chidanti Malunga said.

He said the Lilongwe market may close next week.

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Chidanti Malunga added that the commission was impressed with how the sales have gone so far, having projected to sell around 120 million kg.

Within the same period in 2020, the country sold 109.7kg, earning $168 million.

This year, the crop has been fetching at an average price of $1.62 per kg against last year’s 1.53 per kg.

The Mzuzu Auction Floors officially closed Wednesday while the Limbe Auction Floors closed some weeks ago.

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