Don’t trade local currency component on parallel market, TIMB tells growers

THE Tobacco Industry Marketing Board (TIMB) has urged growers not sell their local currency component on the parallel market to obtain United States dollars as authorities have put in place measures to stabilise the local unit.

The call was made by TIMB acting chief executive officer Emmanuel Matsvaire last week ahead of the tobacco selling season due to kick off on Wednesday.

Tobacco farmers will retain 70% of their proceeds in United States dollars and get the balance in local currency.

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