Home LOCAL NEWS Tobacco Farmers To Be Paid 50% Of Their Money In Forex

Tobacco Farmers To Be Paid 50% Of Their Money In Forex

TOBACCO FARMERS GROSS OVER $500 MILLION

Tobacco Farmers To Be Paid 50% Of Their Money In Forex

The government has announced that tobacco farmers will be paid half of their proceeds from selling the golden leaf in foreign currency.

TOBACCO FARMERS GROSS OVER $500 MILLION

This was announced yesterday by the Tobacco Industry Marketing Board (TIMB) chairperson Mr Patrick Devenish as the 2020 tobacco marketing season was officially launched.

The country is expecting less tobacco this year after the number of registered growers fell to 148 084 this year compared to 178 721 last year.

The reduction in the number of tobacco growers, according to the TIMB can be attributed to uncertainty around foreign currency retentions and unfavorable weather conditions.

Meanwhile, the government has enacted Statutory Instrument 94 of 2020 which encourages the decentralized selling of tobacco due to the coronavirus pandemic that has since claimed four lives in the country.

The marketing season was delayed by over a month due to coronavirus.

– ZiFM

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