Mattress manufacturer, Robray Limited, has raised prices of its products due to the depreciation of the Kwacha.
In a letter dated October 7, 2021, the company says prices of its product have been increased by 15 percent.
“The changes are due to increase of raw material prices and devaluation in currency,” the company said.
The mattress manufacturer has since assured customers that it will always strive to find a way to minimize the price increase to the least possible amount.
“Robray Limited greatly appreciates your continued business and support through this time of growth and change,” reads the letter.
The Kwacha has been losing ground over the months and is now trading at K823 against the United States Dollar. Foreign exchange reserves are also dwindling. Experts told the local media that the value is affected by mismatch between demand and supply.
The depreciation of the Kwacha as led to increased prices of various goods with manufacturers complaining that they are importing raw materials at high prices.