TIMB readies for 2017 tobacco marketing season

Zimbabwe’s tobacco marketing season will begin next month, the Tobacco Industry and Marketing Board (Timb) has said, a move expected to inject foreign currency into the economy.

by business reporter

In a notice yesterday, TIMB said: “All stakeholders are advised that the 2017 auction tobacco marketing season starts on Wednesday March 15. Contract tobacco sales will start on Thursday March 16.”

TIMB said sales bookings would open on March 1 to 6.

There has been increased interests in the golden leaf due to huge returns. Tobacco farmers also benefit under the 5% export incentive facility created under the bond notes regime.

As at January 18, $26,6 million had been paid out as incentive to farmers, representing 90,8% of the total incentive.

The golden leaf is one of the country’s biggest foreign currency earners, raking nearly $1 billion in 2016.