Govt announces early appointment of RBZ Governor a...

Govt announces early appointment of RBZ Governor amid currency turmoil

**Incoming RBZ Governor, John Mushayavanhu**

Nyashadzashe Ndoro

Former FBC Holdings Limited chief executive officer John Mushayavanhu has taken over as the new governor of the Reserve Bank of Zimbabwe, a month earlier than initially expected.

His predecessor, John Mangudya’s term was due to expire on April 30, but a new appointment was announced through General Notice 410 of 2024. The notice states that Mushayavanhu’s term will begin on March 28, 2024, and last for five years ending on March 27, 2029.

“IT is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], appointed John Mushayavanhu as the Governor of the Reserve Bank of Zimbabwe for a period of five years beginning on 28th March, 2024, and ending on the 27th March, 2029,” read the notice.

This comes as the release of the Monetary Policy Statement, which is usually published in February, has also been delayed.

Mushayavanhu takes over at a time when the government is about to announce the Monetary Policy Statement to resolve the currency crisis bedevilling the economy.

Finance Minister, Professor Mthuli Ncube, recently said the MPS is coming soon to address the depreciation of the Zimbabwe dollar and the resulting instability in the foreign exchange market. The MPS will outline long-term solutions to curb speculation, manage high liquidity, and combat suspected economic sabotage, all of which have been contributing to the currency’s weakness.

Minister Ncube acknowledged the government’s prior interventions to stabilise prices at the beginning of the year and assured the public that the upcoming MPS is being carefully crafted through consultations with stakeholders to ensure a lasting solution.