Strong kwacha benefits local car buyers

A local car dealing firm says the improvement of the performance of the kwacha against international major convertible currencies is benefitting the vehicle purchasing public. ZVEC Cars says the firm is passing on benefits of the improved local currency to the public. ZVEC Cars Manager, Lumuno Mukwali said from the time the kwacha started appreciating against international currencies such as the United States dollar, the firm effected a drop in the prices of their vehicles.

Mr Mukwali said the pricing structure of the firm’s vehicles was proportionately matching the percentage at which the kwacha has been appreciating. He disclosed that the positive policies that have been implemented by the government have improved the business environment. Mr Mukwali was speaking in an interview with ZANIS on the sidelines of the signing of a Memorandum of Understanding (MoU) between ZVEC Cars and financial institution, Entrepreneurs Financial Centre (EFC).

Meanwhile, Mr Mukwali said the MoU was a partnership that will give the public an option of accessing car loans via the financial institution. “Whatever the government does affecting the economy, even us as ZVEC we transmit those benefits to the people down there. So we are equally very happy that the government has reduced duty for hybrid vehicles, the dollar is appreciating so those benefits are being taken down to the public,” he said.

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And EFC Head of Personal Lending, Chikondi Phiri said the partnership was for the benefit of Small and Medium-sized Entrepreneurs. Ms Phiri said the financial institution and the car dealing firm were both SME-centric, which provides an opportunity for entrepreneurs to access financing at competitive rates. “Zambian typical SMEs are our DNA, that’s what we have been doing for thirty years plus.

Every day we try as much as possible to find ways, create products and partnerships in this case that better the lives of SMEs. So this one for us is one of those where we have found a partner that is dealing in vehicles and then we can finance those vehicles,” she said

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