THE central bank will this year more than double its support to the tobacco farmers and gold miners as part of efforts to enhance foreign currency inflows into the country.
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, yesterday disclosed that tobacco farmers would this year get about $70 million from the RBZ for inputs. 
Last year, they received $28 million.
Gold miners, Mangudya said, would receive financial support amounting to $150 million this year, from $74 million the sub-sector received last year.
The tobacco and gold sub-sectors have been the highest contributors to export earnings in the country.
“In order to enhance foreign currency inflows from tobacco and gold production, the tobacco input finance facility has been increased from the $28 million disbursed in 2017 to $70 million, while the gold support facility has been increased from $74 million disbursed to 255 entities in 2017 to $150 million,” said Mangudya.
“Financing tobacco and gold and other exportable products such as horticulture, mining, tourism, using real time gross settlement funds seated at banks is beneficial for generating foreign exchange for the country.
“Further, and in line with the tobacco finance order, deserving tobacco merchants shall be granted authority by the bank to use RTGS (Real Time Gross Settlement) money to purchase tobacco from the auction floors,” he added.
Government last year supported the small scale miners through a gold development facility provided by the central bank.
This resulted in the country’s small scale and artisanal miners delivering 13,2 tonnes of gold, higher than the large scale miners who delivered 11,6 tonnes of gold during the same period, according to data from Fidelity Printers and Refiners.
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