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Mixed Feelings Over Mangudya's Appointment as RBZ Chief

Reserve Bank of Zimbabwe
The appointment at the weekend of former Commercial Bank of Zimbabwe (CBZ) boss John Panonetsa Mangudya to take over the reins at the Reserve Bank of Zimbabwe has been received with mixed feelings by business and labour.

While some felt that his political leanings may affect the way he will run the office, many, however, endorsed him believing he’s the right man for the job.

Mangudya is expected to start work at the central bank on the 1st of May, taking over Charity Dhliwayo, who has been the acting Governor since Gideon Gono’s retirement last year.

The Econometer Global Capital, an economic think tank, said in a statement Monday Mangudya’s association with the political establishment may be a blemish on his illustrious career spanning nearly thirty years.

“The trust and belief politicians have in him might be an impediment for him to be his own man,” the think tank said.

Economic commentator Luxon Zembe is one of the many who spoke with the VOA who endorsing Mangudya’s appointment by President Robert Mugabe.

“It’s a very welcome development, which has been welcomed by all people across the political, social and economic divides in our country, including people from outside who normally do business with Zimbabwe,” said Zembe.

“But investors do not look only at the RBZ Governor but also at a lot of political issues too that include the rule of law, violence and policies.”

Zembe said without political interference Mangudya can instill confidence into the country’s troubled banking sector.

Mangudya worked at the central bank in the mid-1980s before joining the African Export-Import Bank. He later joined the Commercial Bank of Zimbabwe as a general manager in charge of international banking and to become the group chief executive officer.

He holds Bachelor of Science and Master of Science in Economics degrees from the University of Zimbabwe and a doctorate in business administration from Washington International University.