ZMF flex muscle, halt RBZ’s 10% gold surrender rule

Harare- Zimbabwe Miners Federation (ZMF) has secured a temporary suspension of the Reserve Bank of Zimbabwe’s (RBZ) controversial 90:10 gold retention policy, marking a significant intervention by small-scale miners in shaping monetary policy. The decision was announced following the 24 March 2026 meeting of the Monetary Policy Committee (MPC) where the Reserve Bank of Zimbabwe acknowledged implementation challenges raised by miners and agreed to pause the measure to allow for further consultations and logistical adjustments. ZMF president Henrieta Rushwaya tabled solid pointers to the governor in the intrest of small sczls miners to push the policy shift.

The policy had required artisanal and small-scale miners to retain 90% of their gold export proceeds in foreign currency while surrendering 10% in local currency, the Zimbabwe Gold (ZiG). However, ZMF argued that the framework threatened the viability of the sector, which contributes the bulk of the country’s gold output. In submissions to authorities, the federation highlighted that most mining inputs are priced in US dollars, making the local currency component difficult to utilise in production cycles.

ZMF also warned that the policy could trigger unintended consequences, including reduced deliveries to formal channels and increased side marketing, as miners seek to preserve access to foreign currency. The intervention underscores the growing influence of small-scale miners, who account for approximately 75% of Zimbabwe’s gold deliveries and remain central to the country’s foreign currency earnings. Meanwhile, the central bank maintained its broader monetary policy stance, citing continued macroeconomic stability.

[paywall]

In a statement, RBZ Governor John Mushayavanhu said annual inflation had declined to 4.1% in January 2026 and further to 3.35% in February, with projections indicating it will remain below 2% in March. Despite this stability, the committee warned of potential inflationary pressures stemming from rising global oil prices linked to geopolitical tensions in the Middle East, which could push up domestic fuel costs. To contain inflation expectations, the MPC resolved to maintain the current policy rate and statutory reserve requirements at 15% for savings and time deposits and 30% for demand and call deposits.

The RBZ said it will continue to monitor developments and remains ready to adjust policy measures to sustain low inflation and support economic growth. “Going forward, the MPC will continue to carefully assess evolving international and domestic economic developments, outlook and the balance of risks to ensure that the monetary policy stance remains appropriate.

[/paywall]