Zim Diaspora

Aug 20th
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Gono steps down Charity Dhliwayo appointed as acting RBZ governor

Deputy Governor Dr Charity Dhliwayo has been appointed to act as the Reserve Bank of Zimbabwe Governor for the next three months. The Acting RBZ Governorship will rotate to the other deputy governor Dr Kupukile Mlambo, if no appointment has been made within that period for three more months.

Gideon Gono's term as governor of the Reserve Bank of Zimbabwe will come to an end tomorrow. Gono was first appointed the central bank governor in November 2003 and was re-appointed in November 2008 for another five-year term.

Dr Gono had recommended one of his deputies, an official said.

Over the past few months, several names have been linked to the hot seat. These included CBZ Holdings chief executive Dr John Mangudya, former CBZ Holdings chief executive Mr Nyasha Makuvise, African Development Bank chief economist Mthuli Ncube and head of debt  and aid management in the Ministry of Finance Mr Andrew Bvumbe.

Dr Gono took over the hot seat at the RBZ when the economy was going into a slide. He came up with a number of policies, though widely criticised, in a bid  to keep the country's economy afloat. During his first term, the economy was going through its worst spell.

The economy experienced severe cash and fuel shortages, the highest inflation in the world - at 231 million percent at the last official count before dollarisation in June 2009 - corruption, high unemployment  and the collapse of social sectors such as health and education.