ZIMBABWE said that career banker John Mushayavanhu would take over as its central bank governor next year.
President Emmerson Mnangagwa’s government said in a statement that Mushayavanhu has more than 30 years of experience at banks including Standard Chartered Bank and FBC Bank.
Mushayavanhu will replace John Mangudya, whose 10-year term at the Reserve Bank of Zimbabwe ends on April 30 next year.
Mangudya will become CEO of the Mutapa Investment Fund, a sovereign wealth fund that was created in 2014 but is only becoming active this year with the appointment of a board of directors and now a chief executive.
Mangudya has been criticised for rampant inflation in Zimbabwe on his watch and what economists consider a botched attempt to relaunch a local currency.
Government officials point to economic growth as a sign that Mnangagwa’s administration is turning things around and say the conditions are in place for currency and price stability in the southern African country next year.
