Zimbabwe has appointed five new members to the Reserve Bank of Zimbabwe Monetary Policy Committee (MPC) following the dissolutions of the previous committee at the end of January 2020.

Finance and Economic Development Minister Professor Mthuli Ncube announced the appointment.

According to a statement by the FM, the new members include: Professor Albert Makochekanwa, economist Persistence Gwanyanya, Dr Daniel Makina, Dr Charity Jinya and Matilda Dzumbunu.

The appointments are with immediate effect.

By law, central bank governor Dr John Mangudya chairs the MPC while his two deputies, Dr Kupukile Mlambo and Dr Jesiman Chipika are members of the committee.

Appointment of the new MPC, whose main role is to advise the central bank on various policy issues, comes after the old one, set up in 2019, was dissolved effective January 31.

Other key roles include setting limits on open market operations and interest rates.

Dissolution of the old MPC, the RBZ said was as “a result of appointment of most of its members to various entities and which

appointments were deemed to be in conflict with the operations of the bank.”

Previous MPC members included industrialist Kumbirai Katsande, economists Professor Ashok Chakravati and Eddie Cross, Professor Theresa Moyo, banker, Doug Munatsi and Majorie Ngwenya.

Just last week, the RBZ announced the dissolution of the previous MPC.

“RBZ wishes to advise that the Monetary Policy Committee (MPC) was dissolved with effect from 31 January 2021 as a result of appointment of most of its members to various entities and which appointments were deemed to be in conflict with the operations of the Bank and the MPC,” said Dr Mangudya last week.