The Reserve Bank of Zimbabwe (RBZ) has maintained the export surrender threshold at 30% while introducing a new 10% surrender requirement for small-scale gold miners in its 2026 Monetary Policy Statement, citing rising global metal prices, Mining Zimbabwe can report.
By Ryan Chigoche
The policy comes amid continuing debate over Zimbabwe’s foreign currency retention framework, which mining operators say is critical given that most operating costs are denominated in United States dollars.
Exporters have also expressed concern that delays in accessing the liquidated portion of the 30% surrender have worsened liquidity pressures across the sector.
The apex bank increased the surrender requirement from 25% in February last year to 30%, despite industry calls for retention levels of about 80–85%. Producers argue that lower retention limits the foreign currency available for working capital, particularly for essential inputs such as electricity, imported equipment, and specialised services.
Presenting the 2026 MPS in Harare, RBZ Governor John Mushayavanhu said the decision was informed by the current upswing in commodity prices.
“We have decided to maintain the 30% because we are seeing an uptick in the price of commodities. So, even if we export the same quantity that we exported last year, we should be able to realise more because the price has gone up. So, 30% of a larger figure would be a larger figure, which means the foreign exchange market should be able to give. So, we are maintaining the export retention or export surrender at 30% surrender, 70% retention,” he said.
The decision comes as global metal prices remain supportive of Zimbabwe’s mining exports. Gold is trading at elevated levels, while platinum group metals have staged a recovery, helping cushion producers against rising operational costs.
The extension of the framework to small-scale gold miners through a new 10% surrender requirement marks a significant shift, particularly as the segment now contributes the bulk of national gold deliveries.
However, uncertainty remains over how smaller operators will adjust. Many operate with tighter margins and limited access to formal financing, and additional conversion requirements could test cash flow sustainability.
The move has reignited debate within the industry. The Chamber of Mines of Zimbabwe has been engaging authorities over the retention regime, arguing that surrendering earnings at the official rate, especially amid exchange rate gaps, reduces the real value of export proceeds and constrains reinvestment.
As metal prices rise, the central bank sees opportunity. Miners, however, remain focused on managing rising costs and liquidity pressures.
