Chronicle Editor
Sikhulekelani Moyo, Business Reporter
TOBACCO farmers will this year get 80 percent of their earnings in foreign currency while the remainder will be paid in local currency, the Tobacco Industry and Marketing Board (TIMB) has said.
With less than a month before the 2023 tobacco marketing season commences, golden leaf farmers across the country have started preparing themselves for big business.
“During the 2023 tobacco marketing season, tobacco growers shall be paid 85 percent of their sales proceeds in foreign currency and 15 percent in local currency,” said TIMB.
TIMB said the 2023 tobacco marketing season will start early next month (08 March 2023).
“All stakeholders are advised that the 2023 auction tobacco marketing season opens on Wednesday 8 March 2023,” said TIMB in a statement.
“Contract tobacco sales will begin on Thursday 9 march.”
Tobacco is one of the major foreign currency earners in Zimbabwe and last year, the country exported tobacco worth US$650 million to China only, a 25,3 percent increase reaching a new record, according to TIMB.
-@SikhulekelaniM1
Online Reporter