RBZ moves to curb gold laundering with revised miner payments

Nqobile Bhebhe

Fidelity Gold Refinery has announced the immediate implementation of a new 90:10 payment structure for small-scale gold producers, following directives from the Reserve Bank of Zimbabwe (RBZ) aimed at strengthening the nation’s gold sector and addressing concerns over gold laundering.

In an update to stakeholders, Fidelity Gold Refinery said, “Following the Monetary Policy Statement issued by the Reserve Bank of Zimbabwe on 27 February 2026, introducing a revised retention for gold deliveries from small scale miners, Fidelity Gold Refinery wishes to advise all stakeholders, particularly small-scale gold producers and gold buying agents, that the 90:10 retention will be implemented effective immediately.

“To facilitate the seamless processing of the ZIG portion of payments, all small-scale miners are urged to ensure that their local currency banking details are submitted to Fidelity. Fidelity is committed to ensuring a smooth transition for all our stakeholders in compliance with the Monetary policy.”

The new payment structure comes in the wake of the Monetary Policy Statement announced last Friday by RBZ Governor, Dr John Mushayavanhu who emphasised that the measures are designed to take effect immediately.

According to Dr Mushayavanhu, the policy shift is intended to curb rising concerns of “gold laundering” between large-scale and small-scale gold producers.

Under the revised framework, small-scale gold miners will now receive 10 percent of their proceeds in local currency, marking a significant change from the previous arrangement under which they were paid 100 percent in US dollars.

The remaining 90 percent of payments will continue to be remitted in foreign currency, ensuring continued access to forex while strengthening local currency usage in the economy.
Gold remains a strategic commodity for Zimbabwe, serving as a primary driver of the national economy, supporting currency stability, boosting export earnings, and providing employment across the mining sector.