Staff ReporterZimbabwe President Emmerson Mnangagwa has named John Mushayavanhu as the new governor of the Reserve Bank of Zimbabwe (RBZ), the government announced on Wednesday.
Mushayavanhu’s term, which begins on March 28, 2024, will span five years, ending on March 27, 2029, according to a statement from the Ministry of Finance, Economic Development, and Investment Promotion.
The appointment, decreed under the Reserve Bank of Zimbabwe Act [Chapter 22:15], arrives a month before the conclusion of outgoing governor John Mangudya’s term. Mangudya’s tenure is set to end on April 30.
“The President has, pursuant to section 14 of the Reserve Bank of Zimbabwe Act, appointed John Mushayavanhu to lead the central bank for the next half-decade,” stated Mthuli Ncube, Zimbabwe’s Finance Minister, in General Notice 410 of 2024.
This key monetary policy role has been closely watched by financial markets, with Mushayavanhu expected to issue the overdue Monetary Policy Statement, which is already delayed since its legal due in February.
Mushayavanhu, whose credentials include a notable track record in the financial sector, takes the helm amid inflationary pressures and the challenge of currency stabilization. His leadership is anticipated to drive pivotal economic decisions in a country striving to regain fiscal stability and attract foreign investment.
“The market is awaiting the monetary policy with high anticipation, expecting new measures to address the economic headwinds the country is facing,” said an economist based in Harare, who requested anonymity.
The RBZ’s direction under Mushayavanhu will be critical in Zimbabwe’s attempt to tackle economic woes that include a high national debt and currency volatility.
