John Mushayavanhu Takes on New Central Bank Role

John Mushayavanhu has taken on a new role at the Central Bank, bringing his expertise to a new challenge. He has a strong background in finance.

John's experience in the financial sector will undoubtedly be an asset in his new position. He has a deep understanding of the industry and its complexities.

This change is a great opportunity for John to grow and learn, and we wish him all the best in his new role.

John Mushayavanhu was appointed as the next Reserve Bank of Zimbabwe (RBZ) Governor by President Emmerson Mnangagwa.

He assumes office on March 28, 2024, replacing Dr John Mangudya, whose 10-year term ends on April 30, 2024.

Dr Mushayavanhu has over 41 years of experience in the financial services sector and has previously held senior positions in corporate and retail banking.

He is currently the Chief Executive Officer of FBC Holdings Limited, a diversified financial services firm.

Dr Mushayavanhu holds advanced degrees, including a Doctorate in Business Administration from Binary University, Malaysia, and a Masters degree in Business Administration from Brunel University, United Kingdom.

He is an Associate of the Institute of Bankers in Zimbabwe (AIBZ).

Dr Mushayavanhu's five-year term as RBZ Governor will run until March 27, 2029.

President Mnangagwa appointed Governor Mushayavanhu in December, well in advance of the formal handover from Dr John Mangudya.

Finance Minister Professor Mthuli Ncube confirmed the assumption of office by Dr Mushayavanhu in General Notice 410 of 2024.

Dr Mushayavanhu brings over 30 years of experience in the financial services sector, with a successful tenure at FBC Holdings.

Under his leadership, FBC solidified its position within Zimbabwe and expanded internationally.

The assumption of office by Governor Mushayavanhu has been welcomed by Deputy Minister of Finance, Kuda Mnangagwa, who believes the exchange rate volatility is linked to the anticipation of the upcoming Monetary Policy Statement.

John Mushayavanhu is taking action to address the economic situation, and it's worth taking a closer look at what he's doing.

In July, RBZ put in US$50 million to clear a backlog, which is a significant step towards stabilizing the economy.

RBZ added another US$64 million in September, showing a continued commitment to addressing the issue.

Mushayavanhu says RBZ will keep doing this, using reserves to stabilize the currency in the event of severe market disruptions.

With a more than 300% coverage ratio, the Reserve Bank is currently providing a more than adequate ZiG cover, according to Mushayavanhu.

RBZ is prepared to use its reserves to maintain economic stability, which is reassuring to those concerned about the situation.