peter
Business Reporter
THE Tobacco Industry and Marketing Board (TIMB) says farmers have been excited by the Foreign Currency Auction Trading System, which has seen them receiving payments that are close to market value.
Three weeks ago, Government through the Reserve Bank of Zimbabwe replaced the fixed exchange rate of US1:ZWL$25, which the farmers raised concern over as the local market at the time was dogged with distortions triggered by the parallel market.
TIMB chief executive officer Dr Andrew Matibiri told Business Chronicle that the trend has not really changed in terms of the product deliveries.
“We have not seen a sudden increase or decrease. But farmers are happier now because they are now able to get something that is close to the market value of their tobacco when they sell,” he said.
Tobacco is one of Zimbabwe’s major foreign currency earners as the country exports its golden leaf around the world to countries such as China, Belgium, United Arab Emirates, South Africa, Egypt and Mozambique.
Online Reporter