Tobacco Payments Centralized

Source from:  tobaccojournal.com 18 Jun 2008 06/19/2008

All foreign currency payments for tobacco sold in Malawi will now be made through the central bank, the London Daily Times said, citing a statement from the country's First Discount House Ltd. Tobacco earnings, which are paid in U.S. dollars, previously went direct to commercial banks in the southern African nation, the Lilongwe-based newspaper said on its Web site. The change will allow Malawi's central bank to control the flow of foreign exchange into the country, the Daily Times added. Malawi is Africa's biggest exporter of burley tobacco. Enditem