STABILITY OF KWACHA TO INCREASE BUYING POWER

THE continued appreciation and stability of the Kwacha will increase the buying power of the public and positively impact on the business community, according to CFAO Motors Zambia Limited.

The stability of the local currency is as a result of good policies of the new dawn administration, says National Sales and Marketing Manager responsible for Toyota and Automark brands Andreja Ursic.

The Kwacha is trading in the range of K15.40 and K15.65 on the bid and offer respectively.

“The Kwacha has appreciated against other major currencies which will positively impact on the business sector because of increased buying power,” Mr Ursic said in an interview.

He also said the company had finished working on its plant in South Africa which was flooded and cars will soon start coming in the country.

In April, Toyota’s plant was flooded and the cars were damaged.

Meanwhile, to enable more people to turn the dream of car ownership into a reality Toyota distributor CFAO Motors recently partnered with Stanbic Bank Zambia for an affordable financing option.

The agreement between the two parties opens the doors to a new car for the emerging middle class of aspiring young professionals and families who will now be able to get on the road and broaden their horizons.

On the agreement, Mr Ursic said it would cover some of the company’s medium-range vehicles such as the latest Starlet, the all new Belta, Rumion, Corolla Cross and Automark quality pre-owned vehicles.

Mr Ursic said that the partnership had been made possible through Stanbic’s generous offer of interest rates starting at 18 percent which is at its lowest in recent years in combination with Toyota vehicles that cater for the urban lifestyle.

“The new financing option bridges the gap between the dream and reality. It brings the aspiration of car ownership closer by enabling people to get a foot on the car ownership ladder.

“This is particularly important from the point of view of families where safety provided by new or quality used cars, plays a vital role” he said.

Stanbic Bank Zambia head vehicle asset finance Horis Mainza said the bank offers the best Vehicle and Asset Financing solutions on the market.

“Our staff are skilled and have the experience in offering the right financing solutions for vehicles and assets that suit our clients’ specific needs.

“We aim at providing solutions that affect our client’s ability to access finance without demanding for collateral as we believe this will increase access to finance for the market,” Mr Mainza said.