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The Reserve Bank of Zimbabwe (RBZ) has maintained the 30 percent foreign currency surrender requirement for exporters while introducing new measures that will now require small-scale gold miners to contribute part of their export earnings, in a move aimed at strengthening foreign currency inflows and closing regulatory loopholes within the mining sector.
Presenting the 2026 Monetary Policy Statement, RBZ Governor Dr John Mushayavanhu said exporters will continue to surrender 30 percent of their foreign currency receipts to the central bank while retaining 70 percent, a policy authorities say has played a key role in stabilising the foreign exchange market under the willing-buyer willing-seller system.
However, in a significant policy shift, small-scale gold miners — who were previously exempt from surrender requirements — will now be required to surrender 10 percent of their export proceeds, while retaining 90 percent.
Ending unequal treatment
Explaining the decision, Dr Mushayavanhu said the central bank was moving to ensure fairness across the mining sector, warning against a system where some producers enjoyed preferential treatment.
He remarked that the policy framework should not resemble an “animal farm” situation where certain players operate under different rules from others.
“…we are maintaining it at 30 percent… exporters retain 70 percent… small-scale gold miners will now surrender 10 percent and retain 90 percent… this is not an animal farm where some animals are more equal than others…”
The Governor said the adjustment would be introduced gradually to avoid disrupting small-scale mining operations while improving transparency in the gold marketing system.
Closing arbitrage loopholes
RBZ also revealed that authorities had detected arbitrage activities within the gold sector, where some large-scale producers allegedly channelled gold through small-scale miners in order to avoid surrender obligations.
According to the central bank, the new framework is intended to curb such practices and ensure that all participants contribute fairly to national foreign currency reserves.
“We were beginning to see arbitrage activities where large-scale gold miners were now marketing their gold as if they were small-scale,” the Governor said, adding that the policy seeks to “bridge that gap” and restore integrity in the system.
Supporting forex market stability
The RBZ maintains that export surrender requirements remain critical in ensuring adequate foreign currency supply for the economy. Authorities say sustained inflows have enabled the foreign exchange market to clear transactions more efficiently, with minimal outstanding foreign payment obligations.
Officials also indicated that rising global commodity prices are expected to support forex receipts, meaning that maintaining the 30 percent surrender threshold should still generate higher inflows even without increasing export volumes.
Policy to be reviewed
While the surrender requirement for small-scale miners starts at 10 percent, the RBZ said the level will be reviewed over time depending on market performance and sector response.
The central bank says the broader objective is to balance exporter viability with macroeconomic stability, while deepening confidence in Zimbabwe’s foreign exchange system and supporting exchange rate stability.
The measures form part of wider reforms announced in the Monetary Policy Statement aimed at consolidating price stability, strengthening the ZiG currency, and improving transparency in financial markets.
