adminThe Tobacco Industry and Marketing Board (TIMB) said sales of flue-cured tobacco under the auction system would close on 27 July while contract sales would continue until further notice.
Statistics from TIMB show on Tuesday which was day 104 of sales, $501,7 million had been raised from 135,8 million kg.
Eighty-five million kilogrammes were sold under contract arrangement at an average price of $3,78 a kg while 5,7 million kg went under the hammer through the auction system at an average price of $3,56 per kg.
The seasonal sales also indicate that 1 727 593 bales were laid at the auction floors where 1 632 408 bales were sold while 78 274 bales were rejected for different reasons.
Last year, stakeholders in the tobacco industry projected that 150 million kg of the golden leaf would go under the hammer this year.
However, due to erratic rains the country received as well as input challenges the growers faced, stakeholders contend that the 150 million kg projection was not achievable, with some putting the final sales for this season at just over 135 million kg.
The previous selling season saw Zimbabwe earning more than $360 million from 132 million kg.
Before the liberalisation of the economy three years ago, tobacco was one of the major cash crops that earned the country much-needed foreign currency.
Online Reporter