RBZ chief on the ropes; FBC boss likely replacement – sources

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By Staff Reporter

RESERVE Bank of Zimbabwe Governor John Mangudya’s job is on the line.

President Emmerson Mnangagwa visited the RBZ unannounced last week, sparking further speculation regarding Mangudya’s future.

The Zimbabwean leader has signalled a fresh thrust at Treasury after removing long-serving permanent secretary Willard Manungo and bringing in former Barclays CEO George Guvamatanga.

Top Zanu PF politician Patrick Chinamasa was also axed as finance minister to be replaced by internationally renowned economist and public policy expert Prof Mthuli Ncube.

And sources said RBZ boss Mangudya would be shown the door too as Mnangagwa looks for new thinking in dealing with the country’s intractable economic problems.

“Mangudya’s days are numbered. It’s highly unlikely he will keep his job and if he does it will only be until his term ends in February next year,” heard.

Mangudya took over as RBZ chief in March 2014, replacing Gideon Gono who is blamed for the hyperinflationary mayhem of the period up to 2008.

Meanwhile, another career banker and Mnangagwa protégé John Mushayavanhu has been tipped to take over should Mangudya be shown the door.

“Mushayavanhu is Mnangagwa’s homeboy and has headed First Banking Corporation in which Mnangagwa is reported to have interests.

“Mushayavanhu has also been linked with Zuva Petroleum where the President is reportedly a shareholder,” another source said.

To complicate matters for Mangudya, sources say he does not see eye-to-eye with Guvamatanga.

“Guvamatanga wanted to be chief executive officer of CBZ Bank when Mangudya left but the RBZ boss blocked the move,” said a source familiar with the developments’

“There is bad blood between the two and it is difficult to see how they are going to work together given Guvamatanga is now effectively Mangudya’s boss.”

Before his appointment as RBZ chief Mangudya, was chief executive at CBZ Holdings.