RBZ temporarily halts new gold export retention framework for small-scale miners

Wed Mar 25 2026

THE Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC) has temporarily suspended implementation of the recently introduced 90 percent export retention threshold for small-scale gold miners to allow for the smooth operationalisation of the policy requirements.

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The decision follows the MPC’s monthly meeting held on Tuesday, where it was noted that implementation challenges at Fidelity Gold Refinery (FGR) and structural gaps within the small-scale mining sector necessitated a phased approach. The Monetary Policy Committee, chaired by RBZ Governor Dr John Mushayavanhu, said while the policy was well-intentioned and supportive of the mining sector, practical constraints were hampering immediate rollout.

“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,” Dr Mushayavanhu said in a statement on Tuesday. The suspension comes at a time when Zimbabwe’s gold sector is recording strong growth, driven largely by artisanal and small-scale miners. According to the latest data released by Fidelity Gold Refiners, the country’s sole authorised gold buyer, total gold output for February increased by 31,5 percent compared to the same period last year.

Production rose to 3 412,9kg, up from 2 596,1kg recorded in February 2025.

Small-scale and artisanal miners were the standout performers, with output surging 54 percent to 2 525,6kg from 1 640,3kg in the same period last year. The sector accounted for nearly 74 percent of total gold deliveries, reinforcing its position as the backbone of Zimbabwe’s gold industry. Large-scale primary producers, however, registered a marginal decline, with output falling to 887,2kg from 955,7kg recorded in February last year.

Source: https://www.heraldonline.co.zw/