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Reflectance and degree of polarization of reflectance of the free exciton in Zn_{1-x}Fe_{x}Te (x ≈ 0.002) was measured at T = 1.9 K and magnetic field up to 5 T. Combining the exciton splitting with the magnetization data we estimated the exchange constant N_{0}(α-β) = 2.1 eV.