The appointment by President Mugabe of economist and outgoing CBZ chief executive officer Dr John Mangudya as the new Governor of the Reserve Bank of Zimbabwe has been gazetted.Dr Mangudya was appointed for a period of five years and his term expires on April 30, 2019.
"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 Panonetsa Mangudya as the Governor of the Reserve Bank of Zimbabwe for a period of five years beginning on May 1, 2014, and ending on April 30, 2019," read the notice in yesterday's Government Gazette, inserted by Finance and Economic Development Minister Patrick Chinamasa.
Dr Mangudya's deputies -- Dr Charity Dhliwayo and Dr Kupukile Mlambo -- will continue in their roles until the expiry of their terms on April 30, 2017.
Dr Mangudya is a Keynesian economist who believes in discretionary fiscal and monetary policies and in the rational expectations hypothesis and is chief executive of one of the country's best performing commercial banks. He holds a Bachelor of Science and Master of Science in Economics degrees from the University of Zimbabwe and a Doctorate in Business Administration from Washington International University.
He began his career in 1986 as an economist with the Reserve Bank of Zimbabwe until 1996 when he joined the African Export-Import Bank as regional manager in charge of Southern Africa.
Dr Mangudya joined CBZ Bank Limited at the turn of the millennium as general manager (international banking).
He rose to executive director (corporate and merchant banking) in 2004 and managing director in 2006 before his appointment as chief executive in 2009.
In 2012, he became group chief executive officer of CBZ Holdings Limited.
Dr Mangudya is a former Bankers' Association of Zimbabwe president and is board chair of the Industrial Development Corporation of Zimbabwe and the Agricultural Marketing Authority of Zimbabwe.
Bankers, labour and captains of industry have welcomed Dr Mangudya's appointment.