The Reserve Bank of Zimbabwe (RBZ) announced a temporary suspension of the recently introduced 90% export retention threshold for small-scale gold miners, following a meeting of the Monetary Policy Committee (MPC) on March 24, 2026.
While the promise of keeping 90% of their hard-earned US dollars was welcomed with open arms, the reality on the ground told a different story. The Zimbabwe Mining Federation (ZMF) stepped in to remind the central bank that many of the country’s artisanal and small-scale miners—the very people driving the nation’s record-breaking gold deliveries—are still unbanked and need more time to get their paperwork in order.
The People’s Victory: Practicality Over Policy
The Monetary Policy Committee (MPC), led by Governor Dr. John Mushayavanhu, acknowledged that while the policy is a massive win for miners, the “logistical hurdles” at Fidelity Gold Refinery (FGR) were simply too high to jump over right now.
Rather than forcing a system that wasn’t ready, the RBZ has chosen to temporarily suspend the rollout. This ensures that miners who haven’t yet opened bank accounts won’t be left in the lurch or forced into the shadows.
Mining: The Engine Keeping Zimbabwe Afloat
The suspension comes at a time when the mining sector is proving itself to be the true backbone of the economy. The numbers don’t lie:
Massive Inflows: Foreign currency coming into the country skyrocketed to US$3.35 billion in just the first two months of 2026.
Gold is King: Gold and PGMs are the primary reason Zimbabwe’s new currency, the ZiG, remains stable and backed by solid reserves.
Beating Inflation: Thanks to the sweat of the miners, annual inflation has been crushed down to 3.85%, the lowest it’s been in over three decades.
What’s Next for the “Makorokoza”?
The RBZ isn’t abandoning the 90% dream; they are simply making sure the “smooth operationalisation” includes everyone. To help with the transition, the new BiG 5 ZiG Banknote Series is set to hit the streets on April 7, 2026, making it easier for everyone to trade and save.
For now, the message to the small-scale sector is clear: The 90% is coming, but the government is listening to the challenges you face on the ground.
