President Emmerson Mnangagwa has appointed FBC Holdings Limited Group CEO, Dr John Mushayavanhu, as the new governor of the Reserve Bank of Zimbabwe (RBZ).
He will replace Dr John Mangudya whose second term ends in April next year.
Dr Mangudya will become CEO of the newly established Mutapa Investment Fund.
The announcement was made on Friday by Dr Martin Ruswaya, chief secretary to the President and Cabinet.
“His Excellency the President has in terms of Section 8 (b) (1) of the Sovereign Wealth Fund Act [Chapter 22:20] appointed Dr. John Panonetsa Mangudya to the post of CEO of the Mutapa Investment Fund. Dr. Mangudya’s 10-year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2023. Dr. Mangudya shall be succeeded by Dr. John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe,” reads part of the Rushwaya statement.