![President Emmerson Mnangagwa has appointed FBC Holdings Limited Group CEO, Dr John Mushayavanhu, as the new governor of the Reserve Bank of Zimbabwe (RBZ). He will replace Dr John Mangudya whose second term ends in April next year. Dr Mangudya will become CEO of the newly established Mutapa Investment Fund. Read Also: Mthuli Ncube defends his 2024 National Budget tax regime The announcement was made on Friday by Dr Martin Ruswaya, chief secretary to the President and Cabinet. “His Excellency the President has in terms of Section 8 (b) (1) of the Sovereign Wealth Fund Act [Chapter 22:20] appointed Dr. John Panonetsa Mangudya to the post of CEO of the Mutapa Investment Fund. Dr. Mangudya’s 10-year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2023. Dr. Mangudya shall be succeeded by Dr. John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe,” reads part of the Rushwaya statement. The incoming governor is an Associate of the Institute of Bankers in Zimbabwe (AIBZ). He has over 41 years in the financial services sector having previously held senior positions in corporate and retail banking with a local multinational bank. Mushayavanhu is a former President of the Bankers Association of Zimbabwe (BAZ) and joined FBC Bank as an Executive Director in the Corporate Banking division in October 1997. He became Managing Director in 2004 and was appointed Chief Executive of FBC Holdings on the 1st of June 2011.](https://hararelive.com/wp-content/uploads/2023/12/john-mushayavanhu-1080-780x470.jpeg)
Reserve Bank of Zimbabwe (RBZ) Governor, Dr. John Mushayavanhu, has reiterated the central bank’s dedication to managing inflation while fostering sustainable economic growth.
Speaking on Zimbabwe’s economic outlook during a ZTN podcast, Dr. Mushayavanhu emphasized that the RBZ is carefully balancing inflation control with broader economic objectives.
“Our focus remains on keeping inflation in check to maintain macroeconomic stability,” he stated.
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Dr. Mushayavanhu projected that annual inflation will fall within the 20 to 30 percent range, reflecting ongoing efforts to stabilize the local currency and manage inflation expectations.
Despite acknowledging prevailing inflationary challenges, he expressed confidence in the country’s economic trajectory, predicting a 6 percent growth rate for 2025.
To curb inflationary pressures, the RBZ has been implementing a series of measures, including tightening monetary policy and strengthening foreign exchange management.
