Zimbabwe’s central bank governor to get second term

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Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya gestures as he delivers his 2018 Monetary Policy Statement in Harare, Zimbabwe February 7, 2018. REUTERS/Philimon Bulawayo/File Photo

Zimbabwe’s Reserve Bank governor looks set to retain his post for a second term according to state owned newspaper the Herald.

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya gestures as he delivers his 2018 Monetary Policy Statement in Harare, Zimbabwe February 7, 2018. REUTERS/Philimon Bulawayo/File Photo

The paper reports that President Emmerson Mnangagwa will retain John Mangudya despite concerns over erosion of the country’s forex reserves.

The announcement follows speculation this week that the bank chief, appointed for a five-year term in May 2014, would lose his job.

But the president’s spokesman George Charamba told the Herald newspaper that Mnangagwa would keep Mangudya in his job.

“The President is very clear on the Reserve Bank Governor’s tenure and his performance. Not only is he there to stay but the President is about to renew his contract for a second tenure,” Charamba was quoted as saying.

Two years ago, after the country was rocked by hyperinflation during the rule of former president Robert Mugabe, Mangudya introduced the surrogate “bond note” currency, supposedly pegged to the U.S. dollar.

 

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