Zimbabwe's Tobacco Selling Season Opens with 75 Mln kg on Offer

Source from:  Posted April 24th, 2007 by Tarique 05/17/2007

Economy Harare, April 24 (NNN-NEW ZIANA) Zimbabwe’s 2007 tobacco selling season kicks off here Tuesday with an estimated 75 million kg expected to go under the hammer, a significant increase from the 54 million kg sold last year. Two of the country’s major auction floors contacted on Monday said they were more than ready to start selling the crop which, despite a marked decline in production over the years, has continued to be one of the country’s top foreign currency earners. Burley Marketing Zimbabwe Managing Director Bruce Searles said they had 380 bales booked for sale on the first day of the selling season. “We are more than ready and we are just waiting to kick off,� he said. Tobacco Sales Floor Operations Executive Lodwin Gatsi said they had 300 bales of tobacco booked for sale. “We are prepared for the opening of sales and we have received some bales for sale,� he said. The selling season was initially pegged to open on March 15 but was postponed indefinitely owing to disagreements over the exchange rate, which is officially pegged at 250 Zimbabwean dollars to one USD. It is not clear whether the selling season will proceed smoothly as the Reserve Bank of Zimbabwe has once again withdrawn the foreign exchange retention scheme for tobacco growers. Enditem