The Zimbabwe Miners Federation (ZMF) in the Midlands has welcomed Government’s decision to delay the implementation of the proposed 90/10 foreign currency retention policy, describing the move as a necessary intervention that gives small-scale miners time to formalise their operations.
Speaking at MINEX 2026 in Zvishavane, ZMF Midlands chairperson Makumba Nyenje said the postponement offers critical breathing space for artisanal and small-scale miners to align with compliance requirements ahead of the policy’s eventual rollout.
“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,” Nyenje said.
The Reserve Bank of Zimbabwe (RBZ) recently suspended the rollout of the retention framework following concerns raised by industry stakeholders, including ZMF, over the sector’s readiness. Authorities acknowledged that a significant number of small-scale miners are still operating outside the formal banking system, making immediate implementation impractical.
Under the proposed framework, small-scale miners would retain 90 percent of their gold earnings in foreign currency, with the remaining 10 percent paid in local currency — a structure designed to support domestic currency stability while maintaining incentives for gold deliveries.
However, operational challenges such as limited access to banking infrastructure and inefficiencies within gold buying systems prompted the central bank to temporarily halt the policy to avoid disrupting production and formal gold deliveries.
Artisanal and small-scale miners remain a cornerstone of Zimbabwe’s mining sector, contributing the bulk of the country’s gold output and playing a critical role in generating foreign currency inflows.
Nyenje said the delay will allow miners to integrate into formal financial systems, improve compliance, and strengthen relationships with banks — positioning the sector for smoother implementation when the policy is eventually introduced.
The decision is widely viewed as part of broader efforts to balance monetary policy objectives with on-the-ground realities, while safeguarding gold output — Zimbabwe’s largest source of export earnings.
