Press Statement on the 2020 Tobacco Selling Season By R.B.Z & T.I.M.B
 The Reserve Bank of Zimbabwe and the Tobacco Industry and Marketing board yesterday released a press statement giving an update of the consultations they had with Tobacco industry stakeholders to improve their 2020 selling season and to ensure that growers are paid timeously.
The stakeholders which were present include tobacco merchants, tobacco auction floors and tobacco representatives.
The press statement outlines the procedures that will be used in processing the payments for the farmers.
Farmers will be paid 50% of their earnings in foreign currency and the remainder will be paid in local currency at the prevailing Interbank rate on the day.
Accordingly, farmers without Foreign Currency Accounts have been advised to open the same.
Farmers requiring cash for immediate use will have access to it at a rate of ZW 1.50 per kg delivered.Â
Farmers who took loans in foreign currency will be expected to pay back those loans in foreign currency according to the press statement.
It was mentioned that Zimbabwe is the largest tobacco grower in Africa and it is the 6th largest grower in the world.
There are also three types of tobacco that are grown in Zimbabwe and these are Virginia, Burley and Oriental.
The press statement was however silent on the date on which the 2020 tobacco selling season would commence.
Read the full press statement below.
Read more on the RBZ website
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