Zimbabwe closer to retain foreign currency from tobacco sales

Online desk |  2 years ago | local

Zimbabwe is edging closer to retaining the bulk of foreign currency from the sale of the golden leaf after the tobacco industry and marketing board (TIMB), partnered Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange to fund local production.

In an interview with Zimpapers Radio News, TIMB chief executive officer Meanwell Gudu said the deal will ensure the country reaps maximum benefits compared to the current situation where foreign funding has seen contractors lock proceeds in offshore accounts.

This comes as government is investing $60 million United States dollars into TIMB to increase its tobacco production from 12 000 to 50 000 hectares and boost local financing for the crop.