Tanganda wary of forex retention cuts

Export volumes for the quarter under review declined by 11 percent to 1 134 tonnes from 1 274 tonnes achieved in the same comparative period last year reflecting the impact of the late onset of rains which affected bulk tea production which fell 26 percent.

THE Reserve Bank of Zimbabwe (RBZ)’s downward review of foreign currency retention thresholds for exporters by five percentage points could compromise the viability of exporting companies, agro-industrial concern, Tanganda Tea Company (Tanganda) has warned.The RBZ governor John Mushayavanhu in his monetary policy statement presented a fortnight ago slashed exporters’ foreign currency retention levels to 70…

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