Thursday, July 18, 2024

Luthando Holdings Ltd Says No Price Hike on Motorbikes Despite Malawi Kwacha Devaluation

Luthando Holdings Ltd

Mr. Hendrix Laher, the Patriotic Managing Director of Luthando Holdings, has assured all their esteemed customers that despite the devaluation of the Malawi Kwacha, the company will not increase its prices. The Kwacha’s devaluation, prompted by the Reserve Bank of Malawi’s 44% exchange rate adjustment to authorized bureau dealers on forex, has resulted in the USD bank rate shifting from MK1.168 to MK1,700 per Dollar

“We at Luthando Holdings the leading suppliers and dealers of YAMAHA Products will not adjust our prices or any of our products including safeties and Ambers reason being we were already sourcing USD at an exorbitant rate of MK1,800 to MK1,970 from parallel markets.”

Expressing the perspective of Luthando Holdings, the Managing Director asserts that if banks maintain the MK1,700 per dollar rate, the company may even consider reducing the prices of its motorbikes. This is because such a rate would result in significant savings ranging from MK100 to MK190 per dollar.

Drawing from extensive travel experiences across Africa, the Managing Director highlights the affordability of life in Malawi compared to neighboring countries. He cites lower food prices in Lilongwe and Blantyre, standing at 2000 compared to 4500 elsewhere, and affordable accommodation, with the cheapest option at $70 outside the country and a decent one at MK25,000 in Malawi.

The Director advocates for a diligent work ethic among Malawians and encourages the government to pursue aggressive initiatives in mega-farming to revitalize the agricultural sector and improve the lives of Malawians.





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