Monday, May 27, 2024

MCCCI suggests a ban on importation of vehicles that are beyond nine years old, says the move is to save forex

In a country where the shortage of forex is a common occurrence, the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has suggested to the government that the forex reserves can be sustained in the country if the government bans the importation of used cars which are 10 years or older.

MCCCI Chief Executive Officer Chancellor Kaferapanjira announced the proposal during the pre-budget consultation meeting currently underway in Blantyre.

The private sector mouthpiece believes a ban will save foreign currency, arguing that such cars consume a lot of spare parts which are among the top 10 most imported products for Malawi.

“Malawi is like a dumping site of the Japanese used vehicles and probably considering to put this ban indeed can solve the forex shortage puzzle,” said Eric Makoka.

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