The Reserve Bank of Zimbabwe (RBZ) says it will review the export surrender policy in line with progress towards a mono-currency system, offering some hope to exporters lobbying for the reduction or scrapping of the requirement.
Under the current framework, exporters retain 70 per cent of their foreign currency earnings, while 30 per cent is compulsorily surrendered to the central bank in exchange for the local currency.
The private sector has long pushed for a review of the policy, arguing that it constrains investment, reduces working capital and weakens Zimbabwe’s export competitiveness.
Presenting the central bank’s position to the Zimbabwe National Chamber of Commerce (ZNCC) as part of a consultative process towards the formulation of the 2026 Mid-Term Monetary Policy Review recently, RBZ Governor John Mushayavanhu said the export surrender mechanism should not be viewed as a tax.
Instead, he said it was a currency exchange arrangement that enables the redistribution of foreign currency across the economy while supporting reserve accumulation.
“The retention ratio will be reviewed in line with market developments towards a mono-currency,” said Mushayavanhu.
“Export surrender requirements themselves are critical for redistributing foreign currency in this multi-currency environment, so that there is an assurance of availability of foreign currency for critical imports.
“It is key that we realise that some of these imports are needed in sectors that do not generate foreign currency; therefore, the need for redistribution.”
According to the central bank, the utilisation of the retained forex is 12.5 per cent for Government external obligations, 12.5 per cent for the central bank’s interbank forex market needs and 5 per cent for reserves accumulation.
Mushayavanhu said the retention ratio would be reviewed in line with market developments towards a mono-currency.
More: The Sunday Mail
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