Zimbabwean President Robert Mugabe has appointed a commercial banker and Keynesian economist AS the new governor of the country's central bank.
According to the state media,John Mangudya (who is the newly appointed governor) will assume the post as head of the Reserve Bank of Zimbabwe on May 1 for a five-year term, replacing the outgoing central bank governor, Gideon Gono.
Gono, in his term witnessed the crash of the local currency, the Zimbabwean dollar, due to "hyperinflation".
Mangudya, who has a Doctorate in Business Administration from Washington International University, worked in the central bank as an economist from 1986 to 1996.
He later joined the African Export- Import Bank (Afreximbank) as regional manager for southern African region, according to the Sunday Mail newspaper.
Mangudya returned to Zimbabwe in 2000 as the General Manager of the commercial CBZ Bank Limited.
He became the chief executive of the bank in 2009 and was also appointed president of Bankers' Association of Zimbabwe, the paper added.
According to the state media, Mangudya faces a daunting task to help Zimbabwe's ailing economy to take its place and stand the ground.
The country has been experiencing a severe liquidity crunch since late last year, further slowing business activities and forcing factories to shut down.
Afreximbank on Saturday announced a 100 million dollars credit line to allow the central bank to set up an inter-bank market, where debt-ridden banks could borrow from more solvent ones.
Afreximbank president Jean-Louis Ekra said the facility would make it easier for small or micro companies to get loans from banks at reasonable costs.
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