Harare, March 23, 2014 – President Mugabe has appointed economist and former CBZ chief executive officer Dr John Mangudya as the new Governor of the Reserve Bank of Zimbabwe.
The appointment is effective May 1, running for the next five years.
Dr Charity Dhliwayo and Dr Kupukile Mlambo will continue as deputy governors until the expiry of their terms on April 30, 2017.
Finance and Economic Development Minister Patrick Chinamasa told The Sunday Mail yesterday that he looked forward to Dr Mangudya’s contribution at the central bank.
He said the new RBZ chief believes in “discretionary fiscal and monetary policies”.
“His Excellency, the President of the Republic of Zimbabwe, R. G. Mugabe, has appointed Dr John Panonetsa Mangudya Governor of the Reserve of Bank of Zimbabwe with effect from 1 May 2014 for a period of five years,” he said.
“Dr Mangudya is a Keynesian economist who believes in discretionary fiscal and monetary policies and in the rational expectations hypothesis.”
Dr Mangudya is an economist and former chief executive of one of the country’s best performing commercial banks.
He holds Bachelor of Science and Master of Science in Economics degrees from the University of Zimbabwe as well as a Doctorate in Business Administration from Washington International University.
He began his career in 1986 as an economist with the Reserve Bank until 1996 when he joined the African Export-Import Bank (Afreximbank) as regional manager in charge of Southern Africa.
He joined CBZ Bank Limited at the turn of the millennium as general manager (international banking). He rose through the ranks, becoming executive director (corporate and merchant banking) in 2004 and managing director in 2006 before his appointment as chief executive in 2009.
Dr Mangudya is also former Bankers’ Association of Zimbabwe president.
In 2012, he became group chief executive officer of CBZ Holdings Limited. The group has grown and consolidated its position under his leadership, which advocated what has come to be known as the “One CBZ business model”.
He is also the board chairman of the Industrial Development Corporation of Zimbabwe and the Agricultural Marketing Authority of Zimbabwe.
The former RBZ Governor, Dr Gideon Gono, Saturday welcomed the appointment of Dr Mangudya whom he worked with to turn around the CBZ.
“This appointment is a sure confidence booster to the financial markets and this economy in general. He is one man I know will be equal to the task and challenges ahead.
“He obviously will find both deputy governors Dr Charity Dhliwayo and Dr Kupukile Mlambo incredible pillars of support technically and experience wise, together with the dedicated team of professionals I left behind. I join all my predecessors in welcoming Dr Mangudya aboard the community of governors,” said Dr Gono.
University of Zimbabwe economics lecturer Mr Innocent Makwiramiti Saturday welcomed the appointment.
He said Dr Mangudya had the necessary exposure and experience to head the central bank.
“I think considering his experience and exposure the good doctor has the requisite exposure and experience,” he said.
“The man has managed to transform the CBZ to one of the best-performing banks in the country. I have no doubt in my mind that he will perform. Remember, CBZ used to handle Government funds before this function was transferred to the RBZ.” AAG founder Dr Philip Chiyangwa said Dr Mangudya’s track record of assisting black businesspeople is well documented and proves that he is the right candidate for the job as the country charts its economic destiny.
“Some of us and many businesspeople out there who have worked closely with Dr Mangudya have so much confidence in him. His track record and experience as a shrewd banker speaks for itself. This is really a confidence booster and we are sure that he will take the central bank to greater heights, especially at this time when Zimbabwe is charting its economic destiny through ZimAsset,” said the businessman.
An economist, Mr Blessing Sakupwanya, said Dr Mangudya was an experienced financial services expert.
“The market was expecting his appointment. He has shown that he can adapt in any situation because the man is an experienced banker. No one matches his experience because Dr Mangudya has been involved in many sectors of the economy during his tenure at CBZ,” he said.