Zimbabwe’s foreign currency management strategy is bearing fruit, with the Reserve Bank of Zimbabwe (RBZ) confirming that more than US$950 million has been earned from exporters’ surrendered proceeds since January 2025. The figure not only reflects the country’s strengthening export performance but also signals growing stability under the Zimbabwe Gold (ZiG) monetary framework.
The milestone comes after the RBZ adjusted the export retention threshold earlier this year, reducing exporters’ retention from 75 percent to 70 percent. Under the revised system, 30 percent of export earnings are converted into ZiG at the official exchange rate, a move meant to increase liquidity on the interbank market and support the nation’s reserve position.
RBZ Governor, Dr John Mushayavanhu, said the policy has achieved its intended purpose of bolstering gold reserves and easing the government’s foreign payment obligations. He explained that the system has enhanced the flow of foreign currency into the formal market while creating a foundation for monetary discipline and confidence in the local unit.
Economic experts say the results show a positive balance between monetary management and export productivity. Development economist, Dr Prosper Chitambara, noted that the figures reflect an economy that is gradually stabilising. “It shows that Zimbabwe is exporting more, and the central bank is ensuring that export proceeds are supporting national priorities. This trend is encouraging for both fiscal policy and external confidence,” he said.
Economist, Dr Zack Murerwa, added that the system has helped curb speculative activity and reduce exchange rate volatility. “This shows a degree of transparency and discipline in how the central bank is managing foreign currency. The system has stabilised the formal market, although it will be important for authorities to continue balancing exporters’ needs and policy objectives,” he said.
The RBZ has emphasised that exporters receive their surrender payments at the prevailing mid-exchange rate, a rate higher than the Willing Buyer, Willing Seller rate, ensuring fair compensation while maintaining compliance.
Zimbabwe’s export basket remains diverse, spanning minerals such as gold, platinum, chrome, and diamonds, as well as agricultural exports like tobacco, coffee, and blueberries. The continued flow of export earnings under the surrender system reflects strong performance in these sectors, driven by improved production and stable commodity prices.
Analysts say the accumulation of nearly US$1 billion in surrendered proceeds strengthens confidence in the ZiG and demonstrates that monetary policy reforms are beginning to take root. The move has also eased demand on the parallel market and promoted exchange rate convergence, a key step toward long-term economic stability.
While exporters continue to call for flexibility in the retention framework, the RBZ’s strategy appears to be striking a careful balance between promoting export growth and securing macroeconomic stability.
Ultimately, the surge in foreign currency inflows through the surrender system points to an economy in gradual recovery, one where disciplined policy, export strength, and resource-backed monetary reforms are working together to rebuild trust and sustain growth.
