{"id":13344,"date":"2014-03-23T09:00:03","date_gmt":"2014-03-23T09:00:03","guid":{"rendered":"https:\/\/new.igihe.com\/mugabe-appoints-new-central-bank-governor\/"},"modified":"2014-03-23T08:58:55","modified_gmt":"2014-03-23T08:58:55","slug":"mugabe-appoints-new-central-bank-governor","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/mugabe-appoints-new-central-bank-governor\/","title":{"rendered":"Mugabe Appoints New Central Bank Governor"},"content":{"rendered":"
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{{Zimbabwe President Robert Mugabe has appointed a new central bank governor as his government continues to struggle to bring stability to the economy.}}<\/p>\n

According to State media reports on Sunday, Dr John Mangudya will succeed Dr Gideon Gono who retired in November last year.<\/p>\n

Before his appointment to the Reserve Bank of Zimbabwe, Dr Mangudya was the chief executive officer of the State linked CBZ Holdings.<\/p>\n

He takes over a bank saddled with a $1 billion debt and will preside over a banking sector currently battling a liquidity crunch that has been blamed on Zimbabwe\u2019s poor economic performance.<\/p>\n

Finance Minister Patrick Chinamasa said Dr Mungudya\u2019s term would expire after five years.<\/p>\n

\u201cDr Mangudya is a Keynesian economist who believes in discretionary fiscal and monetary policies and in the rational expectations hypothesis,\u201d he said.<\/p>\n

His predecessor, Dr Gono, said the new governor would be well received by the financial markets.<\/p>\n

\u201cThis appointment is a sure confidence booster to the financial markets and this economy in general,\u201d he said.<\/p>\n

\u201cHe is one man I know will be equal to the task and challenges ahead.\u201d<\/p>\n

On Saturday the Africa Export and Import Bank (Afreximbank) had provided a $100 million facility to the RBZ aimed at reviving the interbank market to help increase liquidity.<\/p>\n

The interbank market has not been functional since 2009 when the country adopted use of multi-currencies. <\/p>\n

Mr Chinamasa said the two-year facility would improve liquidity through unlocking surplus funds held by large banks to support smaller banks.<\/p>\n

\u201cBy so doing, the liquidity which is lying idle will be used to stimulate the interbank market. This is expected to have a multiplier effect on the circulation of money in the system,\u201d he said.<\/p>\n

CBZ was one of the most profitable banks under Dr Mangudya\u2019s stewardship. He also took over from Dr Gono at CBZ.<\/p>\n","protected":false},"excerpt":{"rendered":"

{{Zimbabwe President Robert Mugabe has appointed a new central bank governor as his government continues to struggle to bring stability to the economy.}} According to State media reports on Sunday, Dr John Mangudya will succeed Dr Gideon Gono who retired in November last year. Before his appointment to the Reserve Bank of Zimbabwe, Dr Mangudya […]<\/p>\n","protected":false},"author":2,"featured_media":2000051136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[100],"byline":[170],"hashtag":[],"class_list":["post-13344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-africa","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000051136,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13344.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13344.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13344.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13344.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13344.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13344.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/13344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=13344"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/13344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000051136"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=13344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=13344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=13344"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=13344"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=13344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}