Tobacco Sales to Continue, Says TIMB

Source from:  herald.co.zw Business Reporter June 11, 2008 06/11/2008

THE Tobacco Industry Marketing Board has dispelled rumours doing the rounds that sales will be suspended next week in preparation for the June 27 presidential run-off. TIMB acting chief executive Dr Andrew Matibiri said farmers should ignore such rumours as business would continue as usual. "Please be advised that tobacco sales are to continue as normal for now. "Should the board and Ministry of Agriculture decide to stop sales in view of the coming election an official announcement will be issued by TIMB advising the industry accordingly," said Dr Matibiri in a statement to the industry. The TIMB statement came as some farmers were panicking as the rumours filtered through the three auction floors. Meanwhile, Zimbabwe has so far earned US$52 million from the sale of 16,4 million kg that was sold under both contract and individual sales at all three floors since the tobacco selling season begun over a month ago. The tobacco was sold at an average price of US$3,13. According to latest statistics released by the Tobacco Industry Marketing Board contract sales grossed US$31,4 million from the sale of 10,2 million kg while US$20,2 million was received under the individual system from the sale of 6,2 million kg. Of the three floors, Zitac sold the highest amount of tobacco under the auction system amounting to 2,3 million kg worth US$7,4 million followed by Burley Marketing Zimbabwe that sold 2,1million kg worth US$7 million. Tobacco Sales Floors sold the least amount of tobacco at 1,7 million kg worth US$5,8 million kg. Tobacco deliveries to the floors continues to improve significantly as a result of the liberalisation of the foreign exchange market and firming prices. At least 75 million kg are expected to be delivered to the auction floors this season. Enditem