Zimbabwe extends central bank governor's term

Zimbabwe’s President Emmerson Mnangagwa on Friday appointed John Mangudya for a second and final five-year term as central bank governor, a government official said.

Mangudya was first appointed to the post in 2014 but his term was marred by the bank’s decision to introduce the surrogate bond note currency two years later in a bid to end a severe shortage of U.S. dollars and cash.

“The extension takes effect from 1 May 2019 for another five years,” Misheck Sibanda, chief secretary to the president and cabinet said in a statement.

The extension takes effect from 1 May 2019 for another five years.

Mangudya’s appointment had been largely expected after Mnangagwa’s spokesman George Charamba said the governor would get a second term.

Zimbabwe is gripped by a severe shortage of dollars that has seen the country struggle to import food and medicines for hospitals.