Management shake up at RBZ

The Reserve Bank of Zimbabwe (RBZ) is initiating a significant remodelling of its management structure as newly appointed Governor John Mushayavanhu aims to assemble a capable team to address the country's complex economic challenges. Mushayavanhu, who took office on March 28, has already introduced the Zimbabwe Gold (ZiG) currency, positioning it as a preferred medium of exchange in the country.

The RBZ faces a host of challenges, including a volatile exchange rate, soaring inflation, and increasing dollarisation, which have plagued the economy. To tackle these issues, Mushayavanhu has expanded the executive management committee from 10 to 16 members, restructuring roles to enhance efficiency and effectiveness.

"The Reserve Bank of Zimbabwe is going through a remodelling process. This is an ongoing process, which shall be communicated at the opportune time," the bank stated in response to inquiries from NewsDay Business.

The newly formed executive management committee comprises key figures, including Mushayavanhu, the two deputy governors, Jesimen Chipika and Innocent Matshe, and several directors overseeing various critical functions. New appointments include Moris Mpofu (executive assistant/adviser to the governor), Nebson Mupunga (director of economic research, modelling, and policy), and Azvinandaa Saburi (director of banking operations & currency management).

Notable roles also include Farai Masendu (director of financial surveillance), Virginia Sithole (bank secretary & director general counsel), and Philip Madamombe (director of banking supervision, surveillance, and financial stability).

Mpofu, a seasoned banker with extensive experience at the RBZ, brings 26 years of senior management and advisory expertise, particularly in foreign exchange transactions and investment finance. He previously served as the director of exchange control and CEO of the Zimbabwe Consolidated Diamond Company.

Mverecha, a former business strategy head at AFC Commercial Bank, has a rich background in economics, having worked his way up through the ranks at the RBZ since 2002. Similarly, Harry, who previously led corporate communications at TelOne, and Nyemudzo, who joined the RBZ from the Zimbabwe Investment and Development Agency, are part of this revitalized team.

Mushayavanhu's remodelling initiative reflects a proactive approach to enhancing the RBZ's capacity to manage the nation's financial landscape effectively. As Zimbabwe grapples with persistent economic instability, the success of these changes will be closely monitored by stakeholders and the public alike.