By Staff Reporter
THE Tobacco Farmers Union of Zimbabwe (ToFUZ) has hailed authorities for agreeing to increase the foreign currency retention cap from 50% to 60 % ahead of the 2021 tobacco selling season.
Also among the measures introduced by the Reserve Bank of Zimbabwe and the Agriculture ministry, there shall be no compulsory liquidation of forex retained.
Farmers are free to purchase and/or supplement their foreign exchange requirements from the auction system.
In a statement, ToFUZ said while they would have wished for 70% foreign currency retention, 60% was not bad for the farmers.
“Though we would have wanted 70% forex retention for farmers, we applaud the RBZ and the Ministry of Agriculture for the policy review which is set to benefit farmers,” said the tobacco farmers’ group.
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