Johannesburg/ Harare – In a bid to boost food production, Zimbabwe’s central bank chief Monday announced a new scheme to pay farmers partly in foreign currency for crops like maize and wheat. Announcing the new payment scheme, Reserve Bank Governor Gideon Gono said it would make more sense to pay scarce foreign currency to local farmers. Zimbabwe’s collapsing local dollar makes foreign currency vastly more attractive to local earners. Gono said the central bank had put aside $180-million to pay local maize farmers for their crops next year up to a limit of 1,8 million tons the country’s total annual consumption. The foreign currency earned by the maize grower can then be used for holiday purposes, for paying of school fees, for payment of their own imports, said Gono. Now you can get all your news – from politics in South Africa, the quirkiest stories in Step Beyond, the latest from the worlds of Motoring, Entertainment and Business – in one place. read more
[Tags], local, crops, currency, foreign, gono, forex news[/Tags]
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