50% forex deal with tobacco farmers still on: RBZ

Reserve Bank of Zimbabwe (RBZ) And Tobacco Industry and Marketing Board (TIMB) have dismissed allegations by some newspapers that the Reserve Bank of Zimbabwe is no longer paying tobacco farmers in United States Dollars (USD).

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Reserve Bank of Zimbabwe (RBZ) And Tobacco Industry and Marketing Board (TIMB) have dismissed allegations by some newspapers that the Reserve Bank of Zimbabwe is no longer paying tobacco farmers in United States Dollars (USD).
Reserve Bank of Zimbabwe (RBZ) And Tobacco Industry and Marketing Board (TIMB) have dismissed allegations by some newspapers that the Reserve Bank of Zimbabwe is no longer paying tobacco farmers in United States Dollars (USD).
Reserve Bank of Zimbabwe (RBZ) And Tobacco Industry and Marketing Board (TIMB) have dismissed allegations by some newspapers that the Reserve Bank of Zimbabwe is no longer paying tobacco farmers in United States Dollars (USD).

In a statement by RBZ Governor, Dr.J.P. Mangudya and TIMB Chief Executive Officer, Dr.A.E.Matibiri, the information published by media practitioners was incorrect as tobacco farmers are still being paid 50% of their net sales that proceeds into their Nostro FCA bank accounts.
“On 21th of March 2019, some newspapers incorrectly published stories purporting that the Reserve Bank of Zimbabwe will no longer pay tobacco growers in United States Dollars, 
 
“This is not the correct position as tobacco growers are being paid 50% their net sale proceeds into their Nostro FCA bank accounts, ” they said.
They said RBZ and farmers in the tobacco industry agreed that RBZ shall ensure that tobacco growers are being paid 50% of their net sales and access cash at the rate of RTGS$0.50 per kg up to a maximum of RTGS$300.
Small scale farmers like those with 2 hectares and below are suitable for a USD cash withdrawal of USD 0.10 per kg up to a maximum of USD50.00 after their Nostro FCA bank accounts have been credited with the foreign currency entitlement.
“As agreed with the players in the tobacco industry, the Reserve Bank of Zimbabwe shall ensure that all tobacco growers have accessed their entitlement of 50% of the net sale proceeds into their Nostro FCA bank accounts, 
 
“In addition to accessing cash at a rate of RTGS$0.50 per kg of tobacco sold, and up to a maximum of RTGS$300, the small scale tobacco growers, (i.e. those with 2 hectares and below), are eligible for a United StatesDollars cash withdrawal of USD0.10 per kg of tobacco sold or sale, up to a maximum of 50.00, after their Nostro FCA bank accounts have been credited with the foreign currency entitlement, ” they said.
Newspapers were publishing false reports that RBZ has breached its promise to pay tobacco growers 50% of their net sale