aurora
Business Writer
Zimbabwean tobacco farmers are seeking an upward retention of export earnings to at least 70 percent, which reflects the minimum cost of production in foreign currency.
Compounded to this shortfall is that 40 percent of sales proceeds will be paid at the official rate of ZWL83: USD versus re-tooling rates above ZWL120: US, Zimbabwe Tobacco Association said this week.
The Reserve Bank of Zimbabwe raised retention of export earnings by tobacco growers from 50 to 60 percent, a threshold which now applies to all exporters.
More to follow
Online Reporter