Zimbabwe to Maintain Mineral Buying Programme in 2026 – RBZ Governor

Zimbabwe will sustain its programme of strategic mineral purchases in 2026 as part of broader efforts to build foreign currency reserves and support the long-term transition to the ZiG as the country’s sole legal tender by 2030.

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu confirmed the policy direction in an opinion piece published in the state-run Sunday Mail, saying reserve accumulation remains central to monetary stability.

Mushayavanhu noted that the central bank intends to strengthen and sustain the ongoing buildup of foreign currency reserves, with a target of achieving cover equivalent to three to six months of imports. He said this level of reserves is essential for a smooth shift to a mono-currency system.

According to the RBZ governor, the strategy will be underpinned by firm enforcement of export surrender requirements, continued strategic mineral purchases, and a resilient external sector.

He added that stronger reserves would help stabilise the ZiG and improve the country’s ability to withstand external economic shocks.

Mushayavanhu revealed that Zimbabwe’s foreign currency reserves comprising gold, other precious minerals, foreign deposits, and cash holdings  rose significantly from US$276 million in April to about US$1.1 billion by December. This represents roughly 1.2 months of import cover.

Zimbabwe has spent close to two decades trying to restore a stable national currency after successive failures that culminated in hyperinflation and the adoption of the US dollar in 2009. The ZiG, introduced in April 2024, is the latest attempt and currently accounts for about 40 percent of daily transactions.

The RBZ governor said reserve accumulation has been driven by mandatory mining royalties, direct gold purchases, and favourable global prices for gold and platinum.

Under existing regulations, mining and exporting companies retain 70 percent of their foreign currency earnings, with the balance converted to local currency. Since October 2022, mining firms have also been required to pay half of their royalties in physical minerals, with the remaining portion settled in cash to the central bank.

Authorities believe the continuation of mineral purchases will play a key role in anchoring the ZiG, boosting confidence in the currency, and protecting the economy from external volatility as Zimbabwe works toward full currency normalisation.