Zim GBC News | Business Correspondent
HARARE – Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has announced a shift in the payment structure for small-scale gold miners, reducing their immediate foreign currency earnings from 100 percent to 90 percent, with the balance paid in local currency.
Delivering the 2026 Monetary Policy Statement in Harare on Thursday, Governor Mushayavanhu outlined the new framework under which small-scale miners—who contribute the bulk of the country’s gold deliveries—will now receive 90 percent of their proceeds in US dollars and 10 percent in Zimbabwe Gold (ZiG) when selling gold to Fidelity Printers and Refiners. This marks a change from the previous arrangement where they were paid exclusively in foreign currency.
“Exporters will continue to receive 30 per cent of their earnings in Zimbabwe Gold (ZiG),” Governor Mushayavanhu told stakeholders.
In a significant policy shift, the central bank chief announced that the 2030 deadline for phasing out the multi-currency system is no longer fixed. He stated that the transition to a sole local currency will now be guided by the achievement of specific economic fundamentals.
“We will now focus on meeting key economic conditions, including low inflation, an import cover of three to five months up from 1.5 months, an efficient forex market, and a stable ZiG supported by strong demand,” Mushayavanhu explained.
He reassured the market that even if Zimbabwe fully adopts ZiG in the future, existing contracts in US dollars will be honoured in that currency, and foreign currency accounts will remain untouched.
To improve the supply of physical local currency, the RBZ will introduce a new series of ZiG notes on April 7, starting with ZiG10, 20, and 50 denominations. Higher value ZiG100 and 200 notes will follow later.
Coins are also being reissued to address pricing distortions.
Despite inflation falling below 10 percent, Governor Mushayavanhu maintained the benchmark interest rate at 35 percent, stating that it remains premature to loosen monetary policy.
“It is too early to relax monetary policy as inflation expectations still need to be firmly anchored,” he said.
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