RBZ Boss John Mangudya term to be extended

Unpopular Reserve Bank governor John Mangudya will get a new term at the help of the apex bank when his current term expires in April, the Deputy Cabinet Secretary George Charamba announced on Thursday.

‘‘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,’’ Mr. Charamba said.

The Deputy Chief Secretary spoke in the wake of reports and frenzied social media speculation that Dr Mangudya had been or was about to be fired and was to be replaced by one Andrew Ndaamunhu Bvumbe who recently left his executive directorship with the World Bank.

Dr Mangudya took over as central bank governor from Dr Gideon Gono on May 1 2014, becoming the country’s sixth central bank governor.

A respected and trailblazing banker, Dr Mangudya holds a PhD in Economics as well as masters and bachelor’s degrees in the same discipline.