Commercial Farmers Union of Zimbabwe

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RBZ working on paying export incentive to tobacco farmers

RBZ working on paying export incentive to tobacco farmers

TOBACCO

During the 2016 tobacco marketing season 66 215 tobacco growers delivered and sold green leaf tobacco valued at US$588,2 million.

THE Reserve Bank of Zimbabwe (RBZ) is working with local banks to refine the current framework of the five percent export incentive scheme to ensure that tobacco growers promptly access the incentive during the 2017 tobacco marketing season.
In a statement RBZ said in order to ensure a smooth transition to the 2017 tobacco marketing season and efficient administration of the scheme, tobacco growers that have not yet accessed the export incentivise though their banks are advised to contact the Tobacco Industry and Marketing Board and their representative banks in order to correct or regularise their banking details.
So far US$26,6 million, which represents 90,8 percent, has so far been paid to tobacco growers through banks. “The bank is pleased to advise that a total of US$26,6 million representing  90,8 percent has so far been paid to tobacco farmers through banks. A balance of US$2 704 620, representing 9,2 percent has not been credited to tobacco grow,” said RBZ.
During the 2016 tobacco marketing season 66 215 tobacco growers delivered and sold green leaf tobacco valued at US$588,2 million.
In order to incentivise tobacco growers to increase production, as well as promote financial inclusion, the bank awarded a five percent export incentive to tobacco growers’ payable through normal banking channels.
“In this regard 65 829 tobacco growers, who sold tobacco worth US$586,9 million and had bank accounts, were eligible for the five percent export incentive during  the 2016 tobacco marketing season. FinX

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