RBZ keeps tight policy, adjusts gold payments, and ZiG rollout

Southerton Business Times
Feb 28
3 min read

HARARE — Reserve Bank of Zimbabwe Governor John Mushayavanhu delivered the 2026 Monetary Policy Statement on 27 February 2026, announcing changes affecting exporters, small‑scale gold miners, the ZiG currency framework, and the central bank’s monetary stance.

Mushayavanhu said the measures aim to support currency stability, strengthen foreign exchange buffers, and manage the transition toward wider use of the Zimbabwe Gold (ZiG) unit while protecting contractual obligations denominated in foreign currency.

Key policy changes at a glance

Export receipts: Exporters will continue to receive 30 percent of export proceeds in ZiG.
Small‑scale gold miners: Payments to small‑scale miners will change to 90 percent US dollars and 10 percent ZiG, replacing the previous arrangement of 100 percent USD when selling gold to RBZ’s Fidelity.
ZiG transition timeline: The RBZ removed the fixed 2030 deadline for ending the multi‑currency system and fully switching to ZiG; future steps will depend on meeting economic conditions rather than a calendar date.
Currency contracts and accounts: Even with a full ZiG adoption, existing contracts in US dollars will continue to be paid in USD, and foreign currency accounts will remain unchanged.
New banknotes: A new series of ZiG banknotes will be issued from 7 April 2026 — ZiG 10, 20, and 50 first, with ZiG 100 and 200 to follow later; coins will remain in circulation and be reissued as needed.
Monetary policy stance: The RBZ kept the benchmark policy rate at 35 percent, citing the need to anchor inflation expectations despite annual inflation falling into single digits.

Why the changes matter

Gold payments for small miners. The shift to a 90:10 USD–ZiG split for small‑scale miners recognises the sector’s central role in domestic gold production while increasing ZiG liquidity. The change may affect miners’ dollar cash flows and local currency availability for transactions, and could influence incentives for formal sales to Fidelity.

ZiG transition without a fixed deadline. By removing the 2030 deadline, the RBZ signalled a pragmatic, conditions‑based approach: full adoption of ZiG will depend on achieving low and stable inflation, an import cover of three to five months (up from the current 1.5 months), an efficient foreign‑exchange market, and strong demand for ZiG. This reduces the risk of a rushed policy shift that could destabilise prices or foreign‑exchange arrangements.

Contracts and FX accounts preserved. The assurance that USD‑denominated contracts and foreign currency accounts will remain intact aims to protect investor and business confidence, limiting legal and operational disruption for firms and households with dollar obligations.

New notes and public awareness. The RBZ’s rollout of redesigned ZiG notes and reissued coins is intended to strengthen anti‑counterfeiting measures and support orderly cash management. The central bank plans a public awareness campaign to familiarise citizens with new security features and the co‑circulation arrangements.

Monetary policy caution. Despite inflation easing to single digits, Mushayavanhu maintained a cautious stance on interest rates. The 35 percent policy rate reflects the RBZ’s view that inflation expectations must be firmly anchored before easing, and that premature rate cuts could undermine the progress achieved.

Practical implications for stakeholders

Exporters should plan for continued partial settlement in ZiG and manage currency risk accordingly.
Small‑scale miners will need to adapt cash‑flow planning to receive most proceeds in USD, but a portion in ZiG.
Businesses with USD contracts can expect continuity in payment terms, reducing legal uncertainty.
Consumers and retailers should be prepared to accept both old and new ZiG notes during the co‑circulation period beginning 7 April.
Financial institutions will play a central role in collecting old notes for surrender and replacement, and in educating customers about new security features.

Next steps and monitoring

Public awareness campaign on new ZiG notes and security features ahead of the 7 April rollout.
Operational guidance from the RBZ to banks and Fidelity on implementing the new gold payment split and cash‑management procedures.
Monitoring macro indicators, inflation, import cover, FX market efficiency, and ZiG demand to determine readiness for any further steps toward full ZiG adoption.
Stakeholder engagement with exporters, miners, financial institutions, and businesses to manage the transition and address practical challenges.

Quick facts

Monetary Policy Statement date: 27 February 2026.
Small‑scale miner payment split: 90% USD; 10% ZiG.
Exporter ZiG shares: 30% of export earnings.
ZiG banknote rollout: 7 April 2026 (ZiG 10, 20, 50); higher denominations later.
Policy rate: 35 percent.
Inflation context: Annual inflation in single digits; RBZ emphasises anchoring expectations.