RBZ Suspends Rule For Small-Scale Gold Miners To Receive 10% Of Earnings In ZiG

The Reserve Bank of Zimbabwe (RBZ) has temporarily suspended the 90% export retention threshold for small-scale gold miners.

The measure, introduced in the February 2026 Monetary Policy Statement, was meant to boost the use of the domestic currency, the Zimbabwe Gold (ZiG).

Under the policy, small-scale miners were allowed to retain 90% of their gold sale proceeds in United States dollars, with the remaining 10% paid in local currency.

However, on 24 March 2026, the RBZ’s Monetary Policy Committee (MPC) resolved to suspend the 90/10 arrangement.

In a statement, RBZ Governor John Mushayavanhu said the 10% local currency component had created “operational difficulties” for Fidelity Gold Refinery (FGR) and was also negatively affecting unbanked artisanal miners. He said:

“The MPC welcomed the introduction of the export retention threshold of 90% for Small Scale Gold Miners.

“The policy, however, encountered some implementation challenges by Fidelity Gold Refinery.

“In addition, the Zimbabwe Mining Federation noted that some artisanal and small-scale miners are not banked and would require more time to open bank accounts.

“In this regard, the Committee resolved to temporarily suspend implementation of the policy while appropriate logistics are being put in place, for the smooth operationalisation of the proposed retention requirements.”

This effectively marks a reversion to the previous payment arrangement, under which small-scale miners are paid entirely in United States dollars for every gram of gold delivered to Fidelity Gold Refinery.

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