Zimbabwe names Mushayavanhu as next central bank governor

HARARE (Reuters) – Zimbabwe said on Friday 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.

(Reporting by Nyasha Chingono; Editing by Alexander Winning and Alexander Smith)