ED to extend central bank governor's term

HARARE - President Emmerson Mnangagwa is extending the term of central bank governor John Mangudya which is due to expire in February, a spokesperson said yesterday.

Mangudya has been in the post since March 2014 and is widely seen as a guarantor of monetary stability, although the Reserve Bank (RBZ) has in recent days been rocked by accusations of institutionalising money laundering and aiding and abetting the currency black market.

Mangudya succeeded Gideon Gono as the governor of Zimbabwe’s central bank and became the nation’s 6th substantial exchequer.

He has faced calls to step aside in recent days to protect the bank’s integrity and reputation.

This comes after a Communications Taskforce appointed by Finance minister Mthuli Ncube and headed by Acie Lumumba claimed senior managers at the RBZ were fuelling the foreign currency black market by supplying street dealers with bond notes.

But presidential spokesperson George Charamba told State media: “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.”

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