Tobacco Farmers Engage Mangudya Over Fixed Exchange Rate
Tobacco farmers have engaged the Reserve Bank of Zimbabwe (RBZ) after the Central Bank fixed the Zimbabwe dollar exchange rate at 25 to 1 against the US dollar last month.
The date for the start of this year’s tobacco marketing season was postponed recently as the nation strives to curb the spread of COVID-19, the respiratory disease caused by the new coronavirus.
Tobacco Industry and Marketing Board (TIMB) chief executive Andrew Matibiri confirmed that tobacco farmers were engaging the central bank over the fixed exchange rate.
Matibiri was, however, not at liberty to shed more details over the issue. He said:
Yes, I can confirm that tobacco farmers have engaged the Reserve Bank of Zimbabwe and are due to have a meeting with the officials, but for proper details, you can contact the Zimbabwe Tobacco Association chief executive officer, (Rodney) Ambrose.
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Meanwhile, Ambrose, the ZTA CEO confirmed efforts to have the bank reconsider its position regarding the fixed exchange rate saying a proposal had been submitted to the RBZ.
Before the RBZ fixed the exchange rate, the Zimbabwe dollar was losing ground against the major currencies at an alarming rate.
