Home News Small Scale Miners Challenged to Create Foreign Exchange.

Small Scale Miners Challenged to Create Foreign Exchange.

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The Reserve Bank of Zimbabwe has challenged small scale miners in the country to create foreign exchange saying increased mineral exports will supoort imports of all types of goods and services that the country yearns for.

According to the RBZ Bulawayo Regional Deputy Director Kasanda Sibanda, Small Scale Miners are pivotal for the attainment of the envisaged rebound of the economy.

“The Bank is indeed committed to the rebound of the Zimbabwean economy. The gold and chrome mining sectors are key, and the Small Scale Miners are pivotal for the attainment of the envisaged rebound of the economy.

“Let me assure you that as the Bank continues to work with all key stakeholders in identifying champions of the turnaround of the economy – the SME Sector is an important stakeholder, which will continue to receive due attention,” he said.

He added that they would want to see a situation where there is more production compared to consumption.

“The message is let us produce and produce, so as to create foreign exchange.

“Increased mineral exports will obviously create room for imports of all types of goods and services that the country yearns for.

“The bank is committed to ensuring that the country transforms from a consumptive to a productive one, albeit this requires broader stakeholder engagement and participation.

“The Bank is also committed to supporting the mining sector through ensuring that the financing options tailor-made for the sector are arranged.

” It is against this background that the bank negotiates offshore lines of credit for purposes of Nostro Stabilisation,” he said.



According to statistics from the RBZ, mineral exports from gold and chrome contribute in excess of 40% of mining exports, 28% of mining Gross Domestic Product (GDP) and 2.6% of national GDP. Mineral exports have been and remain the financial lifeline for the country, as they have allowed the economy to leverage on it and put in place facilities for the importation of fuel, electricity, medicines, cooking oil, fertilizers, agro-chemicals, and many other critical national requirements. 

The gold and chrome sectors are key in bringing in foreign currency, as the country structures facilities around export proceeds.







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