LATEST: Mangudya replaced as RBZ boss; FBC boss new central bank chief

By Staff Reporter

FBC Holdings chief executive, John Mushayavanhu, has been appointed new Reserve Bank of Zimbabwe (RBZ) governor, replacing incumbent John Mangudya whose term of office ends next year.

Mushayavanhu has more than 30 years of experience at banks including Standard Chartered Bank and FBC Bank.

President Emmerson Mnangagwa made the changes Friday, according to a statement issued by chief cabinet secretary Martin Rushwaya.

Mangudya, whose ten-year term at the apex bank ends in April 2024, has been named chief executive of the recently established Munhumutapa Investment Fund.

“These senior appointments have been made in line with the dictates of good corporate governance on succession planning for forward guidance of the market,” read Rushwaya’s statement.

Mangudya has been criticised for rampant inflation in Zimbabwe on his watch and what economists consider a botched attempt to relaunch a local currency.

Government officials point to economic growth as a sign that Mnangagwa’s administration is turning things around and say the conditions are in place for currency and price stability in the southern African country next year.

His Excellency the President has ni terms of Section 8 (b) (1) of the Sovereign Wealth Fund Act [Chapter 22:20] appointed Dr. John Panonetsa Mangudya to the post of Chief Executive Officer of the Mutapa Investment Fund. Dr. Mangudya's 10-year term of office at the helm of the… pic.twitter.com/nUeusWs97P

— Nick Mangwana (@nickmangwana) December 8, 2023