- Fidelity will now pay small-scale gold miners 90% in foreign currency and 10% in ZiG.
- The change follows the Reserve Bank of Zimbabwe’s latest Monetary Policy Statement.
- Small-scale miners supply most of Zimbabwe’s gold, making the shift significant for the sector.
FIDELITY Gold Refinery will now pay small-scale gold producers 90% of proceeds in foreign currency and 10% in Zimbabwe Gold (ZiG) under a new structure aligned with the Reserve Bank of Zimbabwe’s 2026 Monetary Policy Statement.
Small-scale miners are the backbone of the country’s gold supply, and this change represents a significant shift from previous arrangements where they were allowed to receive all their earnings in foreign currency.
On February 27, RBZ Governor John Mushayavanhu announced a policy aimed at balancing foreign exchange earnings with support for the local gold-backed currency. This initiative is part of a larger effort to stabilise inflation and improve currency usage.
Mushayavanhu said that the focus is on keeping prices stable and building confidence in the ZiG, especially with inflation remaining in single digits.
With the new payment system, miners and gold buying agents will primarily receive their payments in US dollars or other foreign currencies, while the remaining 10% will be given in ZiG.
Fidelity has stated that this 90:10 payment structure will take effect immediately and has encouraged producers to provide their local currency banking details for smooth processing.
Fidelity also mentioned that this new arrangement fits within the central bank’s framework for gold deliveries and aims to boost foreign currency inflows while ensuring the circulation of local currency.
The refinery is committed to facilitating a smooth transition for all involved parties.
The introduction of the 90:10 split comes at a time when Zimbabwe is launching new ZiG banknotes and promoting the use of the local gold currency alongside foreign currencies in a multi-currency system.
Mushayavanhu has stressed the importance of building trust in the local currency through stable inflation and consistent policy.
Small-scale and artisanal miners make up most of the gold deliveries to Fidelity, so any changes in payment terms are really important for their cash flow and how they operate.
This shift could also influence whether miners decide to sell through official channels or stick to informal markets, where they often receive payments entirely in foreign currency.
