New RBZ Monetary Policy Committee members named

Finance and Economic Development Minister, Professor Mthuli Ncube, on Sunday, appointed five new members to the Reserve Bank of Zimbabwe Monetary Policy Committee (MPC).  

The new members, whose appointment is with immediate effect, are Professor Albert Makochekanwa, Persistence Gwanyanya, Dr Daniel Makina, Dr Charity Jinya and Matilda Dzumbunu.  The head of state and Government, President Emmerson Mnangagwa, approved the selection, Minister Ncube said.

By statute, RBZ Governor, Dr John Mangudya chairs the MPC, while his two deputies, Dr Kupukile Mlambo and Dr Jesiman Chipika are also part of the committee.  

Appointment of the new MPC, whose main role is to advise the central bank on various policy issues, comes after the old one, set up in 2019,  was dissolved effective January 31.  

Other key roles include setting limits on open market operations and interest rates.  Dissolution of the old MPC, the RBZ said was as "a result of  appointment of most of its members to various entities and which  appointments were deemed to be in conflict with the operations of the bank."

Members of the previous MPC were industrialist Kumbirai Katsande, economists; Professor Ashok Chakravati and Eddie Cross, Professor Theresa  Moyo, banker, Doug Munatsi and Majorie Ngwenya.