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President Emmerson Mnangagwa’s government has appointed John Mushayavanhu as the new Governor of the Reserve Bank of Zimbabwe, starting next year.

Mushayavanhu will replace John Mangudya, whose 10-year term at the lender ends on April 30, 2024.

Mangudya has himself been appointed as the Chief Executive Officer 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.

“These senior appointments have been made in line with the dictates of good corporate governance on succession planning for forward guidance of the market,” a statement by the chief secretary to the president and cabinet, Martin Rushwaya, said.

Mushayavanhu’s appointment comes weeks after Zimbabwe confirmed it would maintain its multi-currency system, anchored by the U.S. dollar, to 2030

The extension came on the back of uncertainty over the initial 2025 deadline, which had curbed lending by banks and funding for long-term investments.