Skip to content

Subscriber Only

Zimbabwe Miners Say Foreign-Exchange Rule Could Trigger Crisis

Exporters must submit 40% of offshore earnings to central bank
Mining companies say hard currency needed to pay for services

Platinum mining near Harare, Zimbabwe. — Platinum mining near Harare, Zimbabwe.
Photographer: Godfrey Marawanyika/Bloomberg

By

Godfrey Marawanyika and

January 28, 2021, 11:11 AM UTC

Mining companies in Zimbabwe said a central-bank requirement compelling them to surrender more foreign exchange earned from mineral exports will push their operations to the brink.

The Reserve Bank of Zimbabwe on Jan. 8 announced that exporters must now hand over 40% of their foreign currency earnings, up from 30%, which is then paid out in the local currency.