The Reserve Bank of Zimbabwe (RBZ) has revealed that it has accumulated more than US$950 million from the 30 percent export earnings surrendered by exporters since January this year, marking a significant boost to the country’s financial reserves and the stability of the Zimbabwe Gold (ZiG) currency.
This milestone follows the central bank’s February policy adjustment, which revised the export retention threshold from 75 percent to 70 percent, requiring exporters to surrender 30 percent of their foreign currency earnings for conversion into ZiG at the official exchange rate.
According to RBZ Governor Dr John Mushayavanhu, the foreign currency collected through this system has surpassed expectations, reflecting both strong export performance and growing confidence in Zimbabwe’s evolving monetary framework.
“The total foreign currency brought in through the surrender system since the beginning of the year amounts to more than US$950 million,” Dr Mushayavanhu confirmed.
Dr Mushayavanhu noted that the surrender policy serves multiple strategic purposes which are to increase the supply of foreign currency on the interbank market, strengthen Zimbabwe’s gold and foreign reserves, and facilitate the settlement of government obligations without exerting pressure on external lines of credit.
Economic experts have welcomed the development, describing it as a reflection of Zimbabwe’s improving export competitiveness and disciplined fiscal management.
Development economist Dr. Prosper Chitambara noted that the growing pool of surrendered earnings demonstrates the central bank’s commitment to ensuring that export proceeds are channelled towards national priorities.
“It reflects that as a nation we are exporting more and that the central bank is ensuring export proceeds are being put to good use. My hope is that this positive trajectory will be maintained,” said Dr Chitambara.
Similarly, economist Dr Zack Murerwa commended the RBZ’s efforts, stating that the system has helped stabilise the official exchange rate and reduce speculative activity in the parallel market.
“This reflects commitment by the central bank to transparency and accountability in the way it conducts business. It is a welcome initiative, but going forward the authorities should also consider exporters’ concerns and review the current framework,” he said.
The RBZ has clarified that all export surrender proceeds are compensated at the prevailing mid-exchange rate, which is higher than the willing buyer–willing seller rate, ensuring fairness to exporters.
Zimbabwe’s key export commodities, including gold, platinum, nickel, diamonds, chrome, blueberries, coffee, and tobacco, continue to anchor the country’s foreign exchange earnings, positioning the ZiG as a stable and credible domestic currency.
The accumulation of US$950 million in surrendered earnings underscores the central bank’s growing capacity to manage liquidity, strengthen reserves, and promote monetary stability, a crucial step in reinforcing confidence in the ZiG and sustaining Zimbabwe’s economic recovery.
This achievement backs our Zimbabwe Gold (ZiG) currency to retain value and stability in the market.