(Xinhua) -- Zimbabwe’s 2019 tobacco
marketing season will open on March 20 with growers retaining 50
percent of their net export proceeds, Reserve Bank of Zimbabwe
Governor John Mangudya said Monday.
He said the central
bank and farmers will hold further discussions on the period
that farmers should keep their retained forex earnings after the
central bank last month gave the exporters only 30 days after
which the unutilized money will be put on the market.
The governor said this after being quizzed by the
parliamentary committee on public accounts on why the central
bank had given farmers such as short time, considering that some
may want to keep proceeds to prepare for the next season.
The governor said the central bank had put this requirement
so that it can have resources to import essential commodities
such as fuel and drugs considering the ongoing shortage of
foreign currency in the country.
He said the tobacco farmers had asked for the retention
period to be extended to between 90 and 180 days.
Chair of the parliamentary committee Tendai Biti also urged
the central bank to have a re-look at the exchange rate it will
use to exchange the retained forex, saying the prevailing 2.50
against the U.S. dollar will be "unjustified" when black market
rates are hovering around 3.60.
Tobacco is Zimbabwe’s second biggest export earning commodity
after gold, and the opening of the marketing season is expected
to improve the country’s foreign currency inflows.
Zimbabwe annual inflation
continues on upward trend
HARARE Zimbabwe (Xinhua) --
Zimbabwe’s annual rate of inflation for February climbed further
to 59.39 percent from 56.90 percent in the previous month amid
high cost of basic goods and fuel.
However, monthly inflation fell sharply to 1.67 percent from
the January rate of 10.75 percent, according to statistics
released by the Zimbabwe National Statistics Agency on Friday.
The Reserve Bank of Zimbabwe last month introduced a foreign
currency inter-bank market in an effort to tame the parallel
market which the government blames for fuelling price increases
as most businesses source the scarce foreign currency from that
The local currency, which debuted at 2.5 against the U.S.
dollar on Feb. 22, slightly weakened to 2.7 against the green
back on Thursday this week.
Zimbabwean mine workers
get wage increase
HARARE Zimbabwe (Xinhua) --
Zimbabwean mine employees have been awarded an 80
percent wage increase this year, a senior mining official said
Associated Mine Workers Union of Zimbabwe (AMWUZ) president
Tinago Ruzive said in a statement that all employees will get
the wage increases, even if their employers had been paying
above the current minimum wages.
"We managed to cobble out an agreement of 80 percent wage and
salary increase for the mining industry covering the period from
January to December 2019.
This raised the minimum wage for the industry from 262.32 to
"This increase is based on the dollar value increase for
those mines which may be paying above the minimum due to various
reasons or merit, therefore no employee shall fail to get an
increase," he said.
AMWUZ represents about 20,000 employees.
Famine looms across Zimbabwe as Crops fail after erratic