THE Reserve Bank of Zimbabwe (RBZ) has temporarily halted earlier plans to withhold 10% foreign currency from small scale gold miners.

The policy directive was initially tabled in the 2026 Monetary Policy Statement as a strategy to accord policy fairness in the mining sector. Large scale miners have traditionally been compelled to surrender a portion of their foreign currency earnings to the fiscus in exchange for local currency.

Presenting the outcomes of the Monetary Policy Committee (MPC) deliberations, RBZ governor, Dr John Mushayavanhu said the committee welcomed the introduction of the export retention threshold of 90% for Small Scale Gold Miners.

"However, the policy encountered some implementation challenges by Fidelity Gold Refineries. In addition the Zimbabwe Miners 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 the implementation of the policy while appropriate logistics are being put in place for the smooth operationalization of the proposed retention requirements," he said.

The RBZ reiterated that the continued strong foreign currency inflows and the resultant buildup of foreign currency reserve buffers will ensure mobilization of adequate foreign currency resources to support critical imports including fuel.

"Going forward the committee will continue to carefully assess the evolving international and domestic economic developments," added Mushayavanhu.