The Zimbabwe Miners Federation (ZMF) in the Midlands has expressed appreciation to Government for delaying the implementation of the proposed 90/10 foreign currency retention policy, saying the move provides critical breathing space for artisanal and small-scale miners to formalise their operations.
Speaking at MINEX 2026 in Zvishavane, ZMF Midlands chairperson Makumba Nyenje said miners are now positioning themselves to comply with the policy once it is eventually rolled out.
Nyenje noted that many small-scale miners had not yet fully integrated into the formal banking system, making immediate implementation difficult.
“We are grateful to Government for the delay. As miners, we are now working to regularise and ensure we utilise banking systems in preparation for the policy,” he said.
The Reserve Bank of Zimbabwe (RBZ) recently suspended the implementation of the 90/10 retention framework after concerns were raised by industry players, including the ZMF, over readiness within the sector. Authorities acknowledged that many miners remain unbanked and require time to open accounts and align with compliance requirements.
Under the proposed policy, small-scale miners would retain 90 percent of their gold earnings in foreign currency, with the remaining 10 percent paid in local currency — a shift aimed at strengthening domestic currency usage while maintaining incentives for gold deliveries.
However, operational challenges — including limited access to banking services and logistical constraints within gold buying systems — prompted the central bank to temporarily halt the rollout to avoid disrupting gold output and formal deliveries.
Small-scale miners are a cornerstone of Zimbabwe’s mining sector, contributing the bulk of gold output and playing a key role in generating foreign currency inflows that support economic stability.
Nyenje said the delay will allow miners to transition into formal financial systems, improve compliance, and strengthen partnerships with banks, positioning the sector for smoother implementation of the policy in the future. The move is widely seen as part of broader efforts to balance monetary policy objectives with on-the-ground realities in Zimbabwe’s mining sector, while safeguarding gold deliveries — the country’s largest source of export earnings.
