The Reserve Bank of Zimbabwe (RBZ) will allow tobacco growers to retain 50 per cent of their sales in United States dollars with the other part being credited into their RTGS$ accounts.
This is a significant increase from the 30 per cent announced by RBZ governor John Mangudya when he presented the Monetary Policy Statement.
A joint statement released on Saturday by the RBZ governor and Tobacco Industry and Marketing Board (TIMB) chief executive officer Dr Andrew Matibiri read in part:
The Reserve Bank of Zimbabwe has put in place measures to ensure that tobacco growers who are going to sell their tobacco during the 2019 marketing season, are paid within the shortest possible time.
Tobacco growers shall be paid 50 per cent, after deduction of the USD loans, in United States dollar, and the proceeds shall be deposited in the growers Nostro FCA bank accounts.
The balance of 50 per cent of the net sale proceeds shall be credited into the grower RTGS$ bank account
Small-scale tobacco growers – with two hectares and below of the crop – are entitled to retain sales proceeds in the Nostro FCA for an indefinite period as free funds.