By Staff Reporter
Dr John The Mushayavanhu the incoming Reserve Bank of Zimbabwe has officially assumed his duties after President Mnangagwa published a notice to that effect.
In a General Notice 410 of 2024, the President Dr ED Mnangagwa has, in terms of Section 14 of the Reserve Bank of Zimbabwe Act has appointed Dr John Mushayavanhu as the new Chief Banker with effect from 28th March 2024
This effectively means the much awaited Monetary Policy Statement will be announced by Governor Mushayavanhu after taking over the reigns from the now Mutapa State Fund Chief Executive Officer, John Mangundya.
Mushayavanhu is coming in at a time when the local currency has lost more than 100% of its value since the beginning of the year. As of today, the local unit is trading at over 40 000 to the USD on the Black Market against the official one pegged at 21000.
It still remains to be seen if the new Banking Chief has what it takes to tame Zimbabwe’s perennial economic twins, volatile exchange rate and run away inflation.