Zimbabwean farmers are expected to sell up to 240 million kg of tobacco this year, a 5 percent decrease from 2018 due to drought.
This was revealed by a Tobacco Industry and Marketing Board (TIMB) official who spoke to Reuters on condition of anonymity. TIMB data seen by Reuters shows tobacco exports have already earned $178 million since January, with South Africa and China the top two importers.
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In an official circular on Wednesday, the RBZ said farmers would now be paid in the local transitional RTGS dollar currency, reversing a decision to pay them half their money in U.S. dollars. The biggest farmers’ group said it was studying the notice.
Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a "real time" and on a gross basis. Settlement in "real time" means a payment transaction is not subjected to any... Read More About RTGS