ZAMBIA ACCEPTS MINING TAX PAYMENTS IN YUAN

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Posted by admin on January 6, 2026 at 2:35 AM

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The Bank of Zambia (BoZ) has confirmed that the country has begun receiving mining tax payments in Chinese yuan (Renminbi, RMB), marking a significant shift in how mineral revenues are settled.

Since 2018, mining companies have paid taxes by selling US dollars to the BoZ, which then remitted the Kwacha equivalent to the Zambia Revenue Authority (ZRA).

This arrangement covered mineral royalty payments (introduced September 2018) and other mining-related taxes (introduced June 2020).

In October 2025, Chinese mining firms operating in Zambia began settling their tax obligations directly in RMB instead of US dollars.

The BOZ outlined several motivations A large share of Zambia’s copper exports is destined for China, with many Chinese mining firms already receiving export proceeds in RMB, diversifying foreign exchange reserves by including RMB strengthens Zambia’s monetary resilience and Holding RMB reserves allows Zambia to service debt to China more cost-effectively, reducing exposure to exchange rate conversion costs.

with the Comprehensive Strategic and Cooperative Partnership agreed between Presidents Hakainde Hichilema and Xi Jinping in September 2023, reinforcing Zambia–China economic ties.

This will be Effective November 13, 2025, the BoZ began publishing the Kwacha–Renminbi exchange rate on its official website supporting transparency and facilitates the transition for businesses and government agencies and Strengthens Zambia’s foreign exchange management, enhances price stability and reduces reliance on the US dollar and Positions Zambia to better manage its debt obligations to China.