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Elita Chikwati Senior Reporter
The Reserve Bank of Zimbabwe (RBZ) and the Tobacco Industry and Marketing Board has outlined the marketing and payments modalities for the 2020 season with farmers now allowed to take their foreign currency entitlements as free funds that can be retained in the account for an indefinite period.
Holders of such funds are permitted to conduct inter-Foreign Currency Accounts (FCA) transfers or effect foreign currency payments without any restrictions and the FCA balances will not be subject to any liquidation requirements.
These developments came after the RBZ and TIMB met farmer organisations and stakeholders in the tobacco industry to ensure a smooth marketing season this year. The meeting came after farmers voiced concern over the difficulties they encountered in accessing the foreign currency component of their proceeds last year.
In a joint statement today, the RBZ and TIMB advised farmers without FCAs to open the accounts and advised those who required cash to settle immediate essential requirements such as transport costs and other incidentals that they will have access to cash at a rate of $1,50 per kilogramme of the crop up to a maximum of $2 000.
The maximum cash withdrawals may be reviewed as the selling season progresses.
Online Reporter