The export surrender requirement established by the Reserve Bank of Zimbabwe (‘RBZ’) may affect the processing of payments for employees and statutory authorities if the banks are not properly informed of the purpose to which the payment relates.
Under the RBZ’s current foreign currency framework, which is commonly referred to as the “70/30 rule”, beneficiaries in Zimbabwe are required to surrender 30% of all foreign currency received to the interbank market.The Reserve Bank will convert this portion into ZiG and disburse the funds as follows within 24 hours of receipt: 70% in USD and 30% in ZiG.
Key Takeaway: Zimbabwe’s “70/30 rule” requires 30% of foreign currency inflows to be surrendered, converted into ZiG, and redistributed within 24 hours: 70% in USD, 30% in ZiG.
This policy is intended to support the newly introduced ZiG currency.In accordance with the 2025 Mid-Term Monetary Policy Statement, specifically Monetary Policy Measures, paragraph 192, the export surrender requirement has been confirmed at 30%, effective August 2025.Certain payments made from outside Zimbabwe are subject to the 70/30 rule, resulting in only 70% of the funds being retained in USD, with the remaining 30% converted to ZiG.
This could affect payments to employees and statutory authorities if the bank does not know what the purpose of the payment relates to.
