US$292.4m windfall for exporters

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HARARE – Zimbabwe’s exporters have pocketed a total of US$292.4 million during the first half of the year from incentives unveiled by the Reserve Bank of Zimbabwe to boost local production.

Gold producers are the biggest beneficiaries of the incentives on the back of a rise in exports, according to the central bank latest data.

The rise in the production of the yellow metal has seen producers getting US$139.5 million from the incentives.

Tobacco growers have pocketed a total of US$87.5 million from the incentives  while Diaspora remittances which are also playing a critical role in capital inflows have also benefitted from the incentives to the tune of US$69 million.

The incentives for those contributing to increased foreign exchange inflows are being funded through the bond notes.

During the first half of this year, Zimbabwe’s exports reached US$2.1 billion compared to US$1.6 billion during the same period last year, according to the central bank statistics.