Panicky RBZ ups tobacco forex retention to 50%

LIVINGSTONE MARUFU THE Reserve Bank of Zimbabwe (RBZ) has increased foreign exchange retention levels for tobacco growers to 50% from the initially announced 30% to pacify restive farmers who had threatened to hold onto the golden leaf when the marketing season opens next month. In his Monetary Policy Statement delivered last week, RBZ governor John Mangudya increased the retention…