The Reserve Bank of Zimbabwe (RBZ) has reversed its controversial 10% ZiG export retention requirement for small-scale gold miners, marking a major victory for the Zimbabwe Miners Federation (ZMF).
The decision follows high-level engagements between ZMF leadership and RBZ Governor Dr. John Mushayavanhu on March 17, 2026, where small-scale miners raised concerns over the feasibility of the 90/10 export retention framework.
Initially, the policy required small-scale gold producers to retain 10% of their earnings in the local currency, ZiG, with the remaining 90% paid in foreign currency. However, miners argued the arrangement threatened viability in a sector heavily dependent on foreign currency for inputs such as fuel, equipment, and chemicals.
In a latest Monetary Policy Committee (MPC) resolution released on March 24, the central bank confirmed it has taken into account submissions from the ZMF and moved to review and effectively reverse the ZiG component requirement for small-scale gold miners.
Authorities also acknowledged implementation challenges, including the fact that many artisanal and small-scale miners are not fully banked, making compliance difficult under the initial framework.
The RBZ has now temporarily suspended implementation of the export retention thresholds to allow for logistical adjustments and smoother operationalisation of the policy going forward.
ZMF’s intervention has been widely seen as decisive, with industry players welcoming the move as a necessary step to safeguard production and ensure continued gold deliveries to Fidelity Gold Refinery.
The development comes at a time when gold remains one of Zimbabwe’s top foreign currency earners, with small-scale miners contributing a significant share of national output.
Meanwhile, the RBZ maintained its broader monetary policy stance, keeping the bank policy rate at 35% and emphasizing the need to “stay the course” in containing inflation amid rising global fuel prices.
The central bank says it will continue to engage stakeholders as it fine-tunes policies balancing currency stability and production growth.
