Zim expects increased forex from tobacco sales

By Davison Vandira

The forthcoming 2021 tobacco marketing season has increased prospects of the country recording increased foreign currency inflows, which are critical for economic development.

Tobacco auction floors open on the 7th of April, and already, economics are excited at the prospects of enhanced foreign currency inflows that should help the economy consolidate financial stability.

Economists believe that the commencement of the tobacco selling season will improve the country’s forex generation capacity that will strengthen the Reserve Bank of Zimbabwe’s Auction system.

“The setting of the 2021 tobacco selling season presents the country an opportunity to strengthen its financial position and more importantly Currency stability due to improved forex inflows,” said economist, Mr Persistence Gwanyanya.

“Generally, tobacco is a top foreign Currency earner to Zimbabwe which means the forthcoming selling season brings with it various downstream economic benefits to the country,” said another economist, Mr Titus Mukove.

This year’s tobacco selling season comes on the back of exchange rate stability, hence the anticipation of the season to have a lasting economic impact on the country.

The post Zim expects increased forex from tobacco sales appeared first on ZBC NEWS.

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