Tobacco Sales Bring Joy to Zimbabwe

Source from:  August 29, 2006, By ANDnetwork .com  08/31/2006

Harare (AND)Zimbabwe's ailing economy got a much needed foriegn currency boost from last week, by selling 49 million kg of tobacco. The Herald reported yesterday that the tobacco sales have so far brought in US$ 98.3 . The nwspaper explained that he selling season may be extended due to huge supplies being registered at the auction floors as the original due date nears. The tobacco selling season opened on 25 April and was scheduled to close on 31 August. During the comparative selling period last year, a total of 53 million kg had been sold earning the country $83 million. This year, contract farmers have sold tobacco worth $57 million while the auction floors bringing in $41.3 million. Contract farmers sold a total of 27 million kg with the auction floors selling a total of 22 million kg of flue-cured tobacco. Tobacco sales are poised to surpass the predicted 52 million kg that would rake in $100 million, with four trading days before the end of the normal selling season. According to the Tobacco Industry and Marketing Board (TIMB) statistics, the "golden leaf" was selling at 2.02 U.S. dollars per kilogram last week. TIMB said that tobacco supplies are still very strong raising the possibility that the 31 August deadline could be extended. TIMB technical sales executive Andrew Matibiri said that the crop being delivered is of good quality and the firm prices are encouraging supplies. Experts observed that around 90 million kg of the "golden leaf" would be produced in the 2006-2007 season if inputs are disbursed timely. Enditem