The Zimbabwean Government has renewed Dr John Mangudya’s role as the Reserve Bank of Zimbabwe governor.
The re-appointment means Dr Mangudya enters his second and final five-year term as the country’s central bank governor.
“The extension takes effect from 1 May 2019 for another five years,” Misheck Sibanda, chief secretary to the president and cabinet said in a statement.
The renewal of Dr Mangudya’s contract was largely expected after Government officials last year indicated that the governor would get a second term.
Dr Mangudya was initially appointed in March 2014 succeding Dr Gideon Gono as the governor of Zimbabwe’s central bank and became the nation’s 6th substantial exchequer.
The current RBZ governor is largely credited with the introduction of bond notes and coins.
In November 2016, backed by a US$200 million African Export-Import Bank loan, the Reserve Bank of Zimbabwe began issuing $2 bond notes.
The bond notes are still in circulation and despite the notes being notionally pegged to the US dollar (until the end of February 2019) their value has continued to collapse.