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Tobacco, gold producers set for windfall payouts

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Government, through the Reserve Bank of Zimbabwe (RBZ), will soon make windfall payouts to exporters, particularly tobacco farmers and gold producers, from earnings accruing from the export incentive scheme unveiled by the central bank in May. The incentives range between 2 percent and 5 percent of the export value and will be paid in the form of bond notes. It is understood that tobacco industry regulator, the Tobacco Industry Marketing Board (TIMB), is presently compiling data from the country’s auction floors in preparation for the payments. Tobacco exports have so far generated $254 million since tobacco auction floors opened in February. It is forecasted that more tobacco will be exported, especially after the end of the tobacco marketing season. But the impact of the bonus incentive scheme has been more noticeable in the gold mining sector where weekly gold exports have increased by 33 percent to $16 million from $12 million since the announcement. Gold exports for the half year ending June rose to US$381 million from US$339 million in the same period a year ago. РSundaymail

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