RSS   Newsletter   Contact   Advertise with us

Zimbabwe’s tobacco farmers to get half their earnings in dollars

Share on Twitter Share on LinkedIn
Christian Fernsby ▼ | March 15, 2020
The Reserve Bank of Zimbabwe (RBZ) has said it will pay tobacco farmers half their earnings in U.S. dollars.
Zimbabwe tobacco farmers
Zimbabwe   Zimbabwe tobacco farmers
This comes after producers demanded forex payments due to a lack of confidence in the local currency.

Topics: Zimbabwe tobacco farm

Tobacco is one of Zimbabwe’s top export earners and last year brought in more than $500m in earnings last year. There were fears farmers would withhold their crop if they did not receive payments in $ ahead of the tobacco selling season set to start this month.

Zimbabwe is the largest grower of tobacco in Africa and has some of the best climatic conditions to grow the crop in the world, despite the persistent climate change induced droughts Southern Africa is facing.

This year, the RBZ says farmers are free to keep money in their foreign currency accounts as well as conduct foreign transfers without limits.


 

MORE INSIDE POST