President Emmerson Dambudzo Mnangagwa is expected to announce new governor for the Reserve Bank of Zimbabwe (RBZ).
This comes amid John Mangudya’s second term coming to an end.
Though, Mangudya is supposed to officially finish on the 31st March 2024 it is believed that President Emmerson Dambudzo Mnangagwa is planning to retire him by 31st December this year with the three months is taken as (leave notice).
It is suspected that Chief Executive Officer of FBC John Mushayavanhu who is said to be Mnangagwa nephew is going to take over RBZ as the governor.
At the same time, Mnangagwa is reportedly the majority share holder of FBC Bank which also took over Standard Chartered Bank.
As noted by political and social commentator, Kerina Mujati:
“Good evening Zimbabwe, this is John Panonetsa Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ). John Panonetsa Mangudys is supposed to officially finish on the 31st March 2024 but they (ED and his family) are planning to retire him by 31st December this year then the three months is taken as (leave notice).
“Chief Executive of FBC John Mushayavanhu ED’s nephew is going to take over RBZ as the governor. ED is the majority share holder of FBC Bank which also took over Standard Chartered Bank.
“Zimbabwe is becoming an Emmerson Dambudzo Mnangagwa entity. Those in denial keep watching as the drama unfold of more appointments of ED’s relatives.”
Mangudya was first appointed to the post in 2014 however, his term was marred by the bank’s decision to introduce the surrogate bond note currency two years later in a bid to end a severe shortage of United States dollars and cash.
In 2019, Mnangagwa re-appointed Mangudya as governor of the country’s apex bank.
The extension takes effect from May 1, 2019, for another five years,” said the then Chief Cabinet Secretary Misheck Sibanda.
At one point, Mangudya promised to resign if the country’s surrogate bond note currency failed, has presided over a tumultuous period in the financial sector.
Apparently, a New York-based magazine Global Finance, which reviews central banks, recently reviewed the performance of the central bank governors of some 102 countries around the world.
It ranked the RBZ boss giving him the lowest grade, as he walks a tight rope amid unyielding economy.
“Trial and error continue to define John Mangudya’s tenure at the Reserve Bank of Zimbabwe (RBZ),” the magazine said in a commentary on the ranking.