RBZ Increases Export Incentive For Tobacco Farmers, Addresses Payment Methods

The Reserve Bank of Zimbabwe has announced that it has increased the export incentive for tobacco farmers from 5 percent to 12.5 percent. The central bank also said that the farmers will get $300 a day when they sale their tobacco and receive the balance through their bank accounts or mobile money.

We publish the full statement from the RBZ in full below:

PRESS STATEMENT ON THE 2018 TOBACCO SEASON PAYMENT MODALITIES TO TOBACCO GROWERS

1. The Reserve Bank of Zimbabwe (the Bank) wishes to advise the tobacco sector of the following operational modalities to guide the 2017/2018 tobacco marketing season.

2. Already, the Reserve Bank has increased the Tobacco Finance Facility from US$28 million in 2017 to US$70 million for the 2018 planting season in an effort to ensure that inputs get to the farmer at affordable prices. In addition, the Export Incentive for the tobacco growers was increased from 5% to 12.5% and this amount shall continue to be paid through the respective growers’ bank accounts or mobile money services on a monthly basis.

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3. In order to ensure a smooth payment system that is consistent with international best practice on daily cash withdrawal limits, growers shall be paid a maximum of $300 per day through banks stationed at the Auction Floors. This shall be disbursed at all banks stationed at the auction floors upon presentation of the respective sales statements by the tobacco growers. The balance shall be transferred into the grower’s bank account or mobile money wallet.

J.P. Mangudya
Governor