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Related Keywords: cotton, Dollar, farmers, government, market currency, RTGS, USD, ZFU, Zimbabwe, Zimbabwe Farmers Union

The Zimbabwe Farmers Union (ZFU) is appealing to the government to peg cotton prices in United States dollars in order to cushion farmers against the reduction in RTGS dollar value.

Cotton prices have remained unchanged since the start of the selling season in May.

ZFU president, Paul Zakariya said cotton should be pegged in US dollars so that farmers are paid at the prevailing interbank market rate since RTGS$1.95/kg has become unsustainable.

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Related Keywords: cotton, Depreciation, Dollar, Mills, Rajkot, Rupee, Textile

The cotton prices last month saw a rise, by Rs 2,500 a candy (356 kg) due to the soaring demand from mills and exports. At the same time, restricted selling by farmers was seen as one of the reasons for inflation in cotton prices. According to industry sources, prices moved up from Rs 38,300-38,500 a candy to Rs 40,800-41,000.

As per Arun Dalal of Arun Kumar & Co, a leading cotton trader from Ahmedabad, due to improved export, there has been a heavy rise in demand from domestic mills. To create stock, domestic yarn mills also bought cotton in large quantities during December.