By Zivanai Dhewa

The Reserve Bank of Zimbabwe (RBZ) has revised its payment system for tobacco growers this 2018/2019 tobacco selling season to ensure farmers access their finances without delay.

 “The RBZ has put in place payment measures to ensure that tobacco growers who are going to sell their tobacco during the 2019 Marketing Season, are paid within the shortest possible time,” read part of the statement.

In a press statement, RBZ has advised tobacco growers to open Nostro FCA bank accounts to facilitate the speedy deposits for their produce.

“Tobacco growers shall be paid 50%, after deduction of the USD loans, in United States Dollars, and the proceeds shall be deposited in the grower’s Nostro FCA bank accounts.  The balance of 50% of the rest of the net sale proceeds shall be credited into the grower’s bank account,” read the statement.

Furthermore, tobacco growers are going to enjoy cash withdrawal of up to RTGS$100 per every 200kgs sold.

The press statement added that, “In order to assist growers in accessing cash for incidentals at the point of sale, growers shall be entitled to withdraw cash equivalent to RTGS$0.50 per kg of tobacco sold, up to a maximum of RTGS$300.  For instance, a grower is entitled to withdraw cash amounting to RTGS$100 after selling 200kgs of green leaf tobacco.”

Meanwhile, the Tobacco Industry and Marketing Board has advised all its stakeholders that the tobacco marketing season opens on Wednesday 20 March 2019, while for contract tobacco sales will commence on Thursday 21 March 2019.  Farmers have also been notified that the deliveries will be accepted as from Monday 18 March 2019.