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Some tobacco farmers in the eastern province have vowed to quote the floor price of the commodity against the United States Dollar during this year’s marketing season.
Former, Eastern Fodya Association of Zambia Provincial vice chairperson Chishala Chilufya said farmers were against selling their tobacco using prices quoted in Kwacha.
Mr Chishala stated that farmers would rather sell their produce in dollars because the exchange rate of the Zambian Kwacha against other convertible currencies was currently unstable.
“This year we have decided to sell our produce in dollars because our currency is not stable, we do not want to experience any lose in this year marketing season,” he said
Mr. Chilfuya explained that farmers who collected inputs on loan from merchants are also worried that they would lose out when paying back if the commodity is quoted in Kwacha.
Government last issued a statutory instrument banning transactions quoted in the US dollars as a measure aimed at stabilizing the local currency.
The Tobacco Board of Zambia (TBZ) is currently reported to be negotiating with government to allow it to quote the floor price of the commodity in US dollars during this year’s crop marketing.
