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Press statement on the state of the economy: February 2012
Tendai Biti, Minister of Finance
March 14, 2012

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Introduction

This press statement is in line with our commitment in the 2012 Budget Statement on the necessity of being transparent and adequately informing the public on economic developments. This Statement, therefore, seeks to update the public on fiscal and other macro-economic developments, focussing on the months of January - February 2012.

Economic Developments

Agriculture

Tobacco Sales

The 2011/12 Tobacco Selling Season commenced on 15 February 2012, with four participating auction floors - Boka, Tobacco Sales Floors, Zimbabwe Leaf Tobacco and Millennium Auction Floors.

For the 2012 buying season, eighteen buyers were licensed and ten buyers are already participating on the auction floors, while others are still to comply with exchange control regulations relating to the buying of the crop.

Since the opening of the tobacco auction floors, prices of flue cured tobacco were generally higher compared to the same period last year. This largely reflects higher demand for Zimbabwean tobacco, following reduction in global output by about 200 million kilograms.

By end of February 2012, a total of US$28.9 million had been realised from the sale of 8.1 million kgs of the crop at an average price of US$3.61 per kg as shown in the Table below.

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