Business

Mushayavanhu takes charge at RBZ

Business Reporter

President Emmerson Mnangagwa has appointed top-ranked banker, John Mushayavanhu, as the new governor of the central bank.

Announcing the appointment in a government gazette on Thursday, Finance Minister Mthuli Ncube said Mnangagwa appointed the new governor in terms of the Reserve Bank of Zimbabwe Act (Chapter 22:15) for a period of five years ending in March, 2029.

Mnangagwa initially announced Mushayavanhu’s appointment in December.

Mushayavanhu, with over 30 years of experience in the banking sector, declined to comment on his appointment and Mangudya was unreachable as he was not responding to calls on his mobile phone.

The new governor is expected to announce his policy measures to contain rising inflation and depreciating Zimbabwe dollar. A United States dollar was on Thursday fetching up to ZWL$42,000 on the black market and just over half of that amount in the official money market.

High inflation has resulted in serious macro-economic instability in Zimbabwe with spiraling prices of basic commodities and depressed industrial capacity production, negatively affecting millions of people.

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