RBZ Suspends 10% ZiG Gold Payments For Makorokoza Weeks After Announcement

RBZ Suspends Plan To Pay Makorokoza 10% In ZiG For Gold Less Than A Month After Announcement

The Reserve Bank of Zimbabwe (RBZ) has suspended its plan to start paying small-scale gold miners, commonly known as makorokoza, 10% of their gold proceeds in ZiG less than a month after the policy was announced in February 2026.

The central bank confirmed the development following its Monetary Policy Committee (MPC) meeting held on 24 March 2026, where it acknowledged that many artisanal miners are not banked, making it difficult to immediately implement the new payment structure.

In its official 24 March 2026 press statement, the RBZ admitted that implementation challenges had emerged soon after the announcement.

“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.”

The central bank further revealed that the lack of bank accounts among miners was a major obstacle.

“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.”

The RBZ then confirmed that it had decided to pause the plan.

“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.”

Policy Announced On 27 February 2026

The now-suspended measure had been introduced on 27 February 2026 as part of broader monetary policy adjustments aimed at increasing usage of the ZiG currency.

Under the policy, small-scale miners — who previously received 100% of their gold payments in US$ — were expected to start receiving:

90% in US$
10% in ZiG

Small-scale miners supply a significant portion of Zimbabwe’s gold deliveries, making the policy shift notable within the mining sector.

However, the RBZ has now acknowledged that the transition required additional groundwork.

“Some artisanal and small-scale miners are not banked and would require more time to open bank accounts.”

This meant miners would struggle to access the ZiG portion of their payments, which would likely require formal banking channels.

The RBZ did not announce a new implementation timeline.

[I cannot verify this] whether a new rollout date has already been scheduled.

Gold Exports Remain Critical

Despite the suspension, the RBZ emphasised that gold exports remain central to Zimbabwe’s economic stability.

The central bank revealed that strong mining exports helped increase foreign currency inflows significantly.

“Reflecting strong export performance mainly driven by mining exports, particularly gold and PGMs, total foreign currency inflows increased to US$3.35 billion (approximately R61.9 billion) during the first two months to February 2026 from US$1.89 billion (approximately R34.9 billion) for the comparable period in 2025.”

The RBZ said these inflows helped strengthen the economy and stabilise the currency.

“The strong foreign currency inflows have helped rebuild foreign exchange reserves and support the stability in the foreign exchange market.”

The central bank also expressed confidence that inflows would continue supporting imports.

“The continued strong foreign currency inflows… will ensure mobilisation of adequate foreign currency resources to support critical imports, including fuel.”

The decision to suspend the policy was made during the 24 March 2026 MPC meeting chaired by RBZ Governor Dr John Mushayavanhu.