The Reserve Bank of Zimbabwe (RBZ) has implemented stricter foreign currency controls, raising the surrender requirement for exporters from 25% to 30% and mandating bank accounts for all traders. The move, announced on February 7, 2025, aims to bolster official forex reserves amid rising US dollar inflation rates.
RBZ Governor John Mushayavanhu outlined the changes in his 2025 Monetary Policy Statement, highlighting the pressure facing Zimbabwe's new currency, the ZiG, due to increased dollarization. US dollar inflation surged 10.9 percentage points to reach 11.5% last month.
The central bank has also mandated all businesses to maintain functional point-of-sale (POS) machines capable of processing both ZiG and US dollar transactions. Local authorities must verify bank accounts and POS compliance before issuing or renewing business licenses.
Despite challenges, Zimbabwe's foreign currency reserves have grown 90% to US$550 million (ZiG14.3 billion) as of January 2025, according to central bank data. The RBZ will waive transaction fees for payments under US$5 or its ZiG equivalent to encourage formal channel usage.
Market analysts caution that increased surrender requirements could discourage formal exports. "Higher surrender rates may push more trade underground," said economist Thomas Moyo at the University of Zimbabwe.