- Compliance Non-Negotiable, Says RBZ Deputy Governor as Lithium Sector Comes Under Spotlight
The Reserve Bank of Zimbabwe (RBZ) has issued a stern warning to the mining sector, declaring that compliance with export regulations is non-negotiable as it moves to tighten oversight of the lithium industry and ensure the country receives fair value for its mineral wealth, Deputy Governor Dr Innocent Matshe has said.
By Rudairo Mapuranga
Speaking at the Chamber of Mines Annual Conference in Victoria Falls, Dr Matshe delivered a robust defence of government policy interventions, including the February 2026 suspension of raw mineral and lithium concentrate exports, which he said was “not because of a lack of reason” but was driven by legitimate national interest concerns.
“Sometimes when we say policy changes unexpectedly, I think it’s slightly misplaced,” Dr Matshe said. “When we saw, in February 2026, the Minister of Mines suspending the export of all raw minerals and lithium concentrates, it was not because of a lack of reason. It was because there was concern that the measure needed to be be taken in the national interest, and it reaffirmed government’s commitment to transparency, in-country value addition, beneficiation, compliance and accountability.”
The Deputy Governor revealed that Zimbabwe exported 1.5 million tonnes of lithium in 2025, generating US$488 million. However, he noted that 2026 has already seen remarkable progress, with US$205 million collected to date, representing a significant acceleration in revenue generation.
Lithium has emerged as the country’s third-largest export commodity, and Dr Matshe described this as “a welcome development that the industry is developing this quickly, and it will go a long way towards supporting macroeconomic stability.”
While acknowledging that the lithium sector is “largely compliant” with RBZ measures, Dr Matshe outlined several compliance gaps that remain a concern for the central bank.
These include overdue export receipts currently standing at US$15.8 million, the non-alignment of export documents, and the issuance of credit notes that complicate the tracking of mineral movements. Transfer pricing through related parties and the undervaluation of exports were also identified as persistent challenges.
“Most countries publish their import data, and we take it that the import data is accurate. So when we reconcile any source of import data in a second country with our export data and they don’t tally, it’s already a red flag,” Dr Matshe said. “The Reserve Bank will go to each and every export destination to make sure that our data ties.”
Surrender Requirements and ‘Recycling’ Concerns
Addressing the issue of foreign currency surrender requirements, under which exporters must surrender 30 percent of their earnings to the central bank, Dr Matshe reiterated that the framework is “key to distributing foreign currency in our economy.”
However, he raised concerns about what he termed “surrender recycling,” where companies convert their surrendered funds back into foreign currency through the willing-buyer willing-seller market.
“As soon as companies receive their surrender, they go to the willing-buyer willing-seller market and turn that into foreign currency, and who knows what happens with that,” he said. “It’s important for the Reserve Bank to then trace where that foreign currency goes and how it is utilised.”
The Deputy Governor emphasised that the RBZ does not control the exchange rate, contrary to popular perception.
“We publish data on a quarterly basis in the centre spread of all major daily newspapers in this country. If there is an actuary or a practitioner in data science, I invite them to come and look at the data,” he said.
Border Challenges and Document Fraud
Dr Matshe also shed light on operational challenges at the country’s borders, describing a pattern of suspicious behaviour.
“When our teams from compliance get to the border, all the contracts disappear. When they go to lunch, you will find a mile-long queue. When they come back from lunch, they all disappear again,” he said.
He noted that dismantling falsified export documentation and combating connivance with buyers remain key priorities for the central bank’s compliance teams.
Despite the tough rhetoric, Dr Matshe struck a conciliatory tone, emphasising that the RBZ maintains an open-door policy for industry engagement.
“The Reserve Bank continues to implement enhanced compliance measures, but it keeps its doors open to all of us and assures everyone that it operates an open-door policy, particularly for our associations,” he said.
