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Tobacco prices firm, farmers earn US$90m - Zimbabwe Situation
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Tobacco farmers push for fresh forex deal
TOBACCO farmers this week began pushing for viable foreign currency retention thresholds from the Reserve Bank of Zimbabwe (RBZ) ahead of the 2021 marketing season, which is expected to start next month.
Tobacco Industry and Marketing Board (TIMB) chief executive officer Andrew Matibiri confirmed the fresh push this week, saying he had received submissions detailing farmers’ concerns.
Under a controversial foreign currency retention scheme unveiled by the central bank early last year, tobacco farmers were required to surrender 50% of their export earnings to the RBZ.
This amount would then be liquidated in Zimbabwe dollars using the official US$1;Z$25 exchange rate.
Tobacco output to rise 8%
January 17, 2021 in Business
BY FIDELITY MHLANGA
ZIMBABWE’s tobacco output will rise by 8% to 200 million kilogrammes (kg) during the 2020/2021 marketing season, riding on good rains, experts said last week.
Output was estimated at 184 million kg last season, according to Tobacco Industry Marketing Board (TIMB) statistics.
However, this was a drop from 258 million kg the previous season.
The Meteorological Services Department has predicted normal to above normal rainfall across Zimbabwe throughout the 2020/2021 cropping season, except for region 2wo.
“The expected tobacco output is between 170 million kg and 200 million kg,” Tobacco Association of Zimbabwe president George Seremwe told Standard Business.
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