News / National
Small-scale gold miners to receive 10% of payments in ZiG
2 hrs ago |
57 Views
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu delivered the 2026 monetary policy statement on 27 February 2026, outlining key adjustments affecting exporters, miners, and the nation's currency framework.
Governor Mushayavanhu announced that exporters will continue to receive 30 percent of their earnings in Zimbabwe Gold (ZiG), while small-scale gold miners, who supply the bulk of the country's gold, will now receive 90 percent of payments in US dollars and 10 percent in ZiG. This marks a change from the previous arrangement, under which miners were paid entirely in US dollars through RBZ's Fidelity. The adjustment, he explained, is aimed at balancing the need for foreign currency with the development of a local gold-backed currency system.
Addressing the broader currency framework, the Governor clarified that there is no longer a fixed 2030 deadline for ending the multi-currency system and fully adopting ZiG. Instead, the transition will be guided by economic conditions, including low inflation, a higher import cover of three to five months, a well-functioning foreign exchange market, and a stable ZiG supported by strong demand. Mushayavanhu emphasised that even if Zimbabwe fully adopts ZiG, contracts denominated in US dollars will continue to be paid in USD, and foreign currency accounts will remain unaffected.
To support the currency rollout, the RBZ will issue a new series of ZiG banknotes on 7 April in denominations of ZiG10, 20, and 50, with ZiG100 and 200 notes to follow later. Coins will also be reissued to help prevent price distortions and maintain monetary stability.
Despite inflation falling below 10 percent and public calls to reduce interest rates, Mushayavanhu maintained the benchmark rate at 35 percent. He argued that it is still too early to relax monetary policy, noting that inflation expectations must be firmly anchored before any easing can occur.
The 2026 monetary policy highlights the RBZ's ongoing efforts to stabilise the ZiG while supporting exporters and miners, balancing the country's short-term foreign currency needs with long-term economic transformation goals.
Governor Mushayavanhu announced that exporters will continue to receive 30 percent of their earnings in Zimbabwe Gold (ZiG), while small-scale gold miners, who supply the bulk of the country's gold, will now receive 90 percent of payments in US dollars and 10 percent in ZiG. This marks a change from the previous arrangement, under which miners were paid entirely in US dollars through RBZ's Fidelity. The adjustment, he explained, is aimed at balancing the need for foreign currency with the development of a local gold-backed currency system.
Addressing the broader currency framework, the Governor clarified that there is no longer a fixed 2030 deadline for ending the multi-currency system and fully adopting ZiG. Instead, the transition will be guided by economic conditions, including low inflation, a higher import cover of three to five months, a well-functioning foreign exchange market, and a stable ZiG supported by strong demand. Mushayavanhu emphasised that even if Zimbabwe fully adopts ZiG, contracts denominated in US dollars will continue to be paid in USD, and foreign currency accounts will remain unaffected.
To support the currency rollout, the RBZ will issue a new series of ZiG banknotes on 7 April in denominations of ZiG10, 20, and 50, with ZiG100 and 200 notes to follow later. Coins will also be reissued to help prevent price distortions and maintain monetary stability.
Despite inflation falling below 10 percent and public calls to reduce interest rates, Mushayavanhu maintained the benchmark rate at 35 percent. He argued that it is still too early to relax monetary policy, noting that inflation expectations must be firmly anchored before any easing can occur.
The 2026 monetary policy highlights the RBZ's ongoing efforts to stabilise the ZiG while supporting exporters and miners, balancing the country's short-term foreign currency needs with long-term economic transformation goals.
Source - Pindula
Join the discussion
Loading comments…
