RBZ backs down on gold policy after miner pushback

The Reserve Bank of Zimbabwe (RBZ) has temporarily suspended its recently introduced 90% export retention threshold for small-scale gold miners, following operational challenges and concerns from the sector.

The policy, announced in the February 2026 Monetary Policy Statement, required small-scale miners to receive 90% of their gold proceeds in United States dollars, with the remaining 10% paid in the local currency, the Zimbabwe Gold (ZiG). It was part of broader efforts to promote the use of the domestic currency.

However, in a decision taken on March 24, the RBZ's Monetary Policy Committee moved to halt the arrangement.

RBZ Governor John Mushayavanhu said the policy had encountered implementation difficulties, particularly for Fidelity Gold Refinery, the country's sole authorised gold buyer.

"The policy, however, encountered some implementation challenges by Fidelity Gold Refinery," Mushayavanhu said, adding that the situation was further complicated by the fact that many artisanal miners are not formally banked.

The Zimbabwe Mining Federation also raised concerns that a significant number of small-scale miners would require more time to open bank accounts to facilitate the local currency component.

As a result, the central bank resolved to suspend the 90/10 payment framework while logistical and operational issues are addressed.

The move effectively restores the previous arrangement, under which small-scale miners are paid entirely in US dollars for gold deliveries to Fidelity Gold Refinery.

The decision underscores the delicate balance authorities face in pushing de-dollarisation policies while ensuring that key export sectors, particularly gold production driven by artisanal miners, continue to operate efficiently.