RBZ operationalises new regulations on mineral royalty remittances

Story by Stanley James, Business Editor

THE requirement for mineral royalties to be paid partly in the mined commodities is now operational with the Reserve Bank of Zimbabwe getting half of the payments in the form of refined commodities.

The move is in line with regulations approved by President Emmerson Mnangagwa for half of the mineral royalties to be paid in the form of actual minerals such as gold, diamonds, platinum and lithium.

The other 50 percent is paid in cash to the Zimbabwe Revenue Authority (ZIMRA).

The Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya confirmed in a statement this Wednesday that the new regulations are now fully operational with minerals surrendering 50 percent of the royalties in the form of refined commodities.

The move is among other factors expected to preserve the value of the local currency, allow central bank authorities to pay local and external obligations and help in rebuilding the country’s reserves.

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