John Panonetsa Mangudya (born 5 October 1963)[1] is a former governor of the Reserve Bank of Zimbabwe.[2][3] He was appointed in March 2014 by the then Zimbabwean president, Robert Mugabe, and began his tenure as governor on 1 May that year. His second 5 year term ended on 28 March 2024.[4] He succeeded Gideon Gono as the governor of Zimbabwe's central bank and became the nation's 6th substantial exchequer.[5]
Early life and education
editMangudya was born in the Mutambara area of Melsetter (now Chimanimani), in Manicaland Southern Rhodesia,[1] the youngest of twelve children.[3]
Mangudya earned bachelor's and master's degrees in economics from the University of Zimbabwe, where he won several book prizes for his academic achievements. He also has a PhD in Economics from Washington International University.[6] His PhD qualification however, has been questioned by critics who have noted that it was obtained from an unaccredited institution in the United States.[7][8]
Reserve Bank of Zimbabwe governorship
editJohn Mangudya started work as RBZ governor on 1 May 2014 after being appointed into office by Robert Mugabe.[9] He took over from Charity Dhliwayo who had been acting since November 2013 following Gideon Gono's retirement. In May 2019, his expired contract was renewed for a further 5 years by Emmerson Mnangagwa.[10] He was succeeded by John Mushayavanhu in March 2024.[4]
Bond notes and coins
editA few months after assuming office, Mangudya introduced bond notes at that time stated not to be a currency, but a legal tender pegged to be with the same value as the US dollar. The bond coins were introduced to remedy a lack of small change.[11] In November 2016, Mangudya also introduced bond notes, pegged at the same value as the US Dollar again.[12]
RTGS Dollar
editThe bond notes and bond coins continued losing value against the US dollar on the parallel market and this led Mangudya to the introduce a new currency, the RTGS Dollar in February 2019. The RTGS dollar was introduced to bring sanity in the foreign currency market, promote diaspora remittances, protect foreign investments and exports.[13]
Career profile
edit| Period | Company/Organisation | Position held |
|---|---|---|
| 1986-1996 | Reserve Bank of Zimbabwe | Economist |
| 1996-1999 | Afrixembank | Southern Africa regional manager |
| 2000-2004 | CBZ | General manager |
| 2004-2006 | CBZ | Executive director |
| 2006-2012 | CBZ | Managing director |
| 2012- March 2014 | CBZ | Group CEO |
| March 2014 – March 2024 | Reserve Bank of Zimbabwe | Governor |
| Organisation | Position |
|---|---|
| Industrial Development Corporation of Zimbabwe | Chairman |
| Agricultural Marketing Authority of Zimbabwe | Chairman |
| Afreximbank | Board member |
| Africa University | Board member |
Personal life
editMangudya is married to Tapiwa Mangudya and they have three children. He is a member of the United Methodist Church.[9]
References
edit- ^ a b "John Panonetsa Mangudya | Who's Who Profile". Africa Confidential. Retrieved 18 September 2016.
- ^ John Panonetsa Mangudya. "John Panonetsa Mangudya: Executive Profile & Biography - Businessweek". Bloomberg.com. Retrieved 18 September 2016.
- ^ a b "John Mangudya". Pindula. Retrieved 21 November 2020.
- ^ a b "Mushayavanhu appointed reserve bank governor". The Chronicle. 28 March 2024. Retrieved 28 March 2024.
- ^ "Another 5-year term for Mangudya". The Herald. 4 May 2019. Archived from the original on 4 May 2019.
- ^ "Washington International University". www.washint.edu. Retrieved 27 August 2017.
- ^ "RBZ governor Mangudya's PhD degree sets tongues wagging". Newsday.co.zw. 25 March 2014. Retrieved 18 September 2016.
- ^ "Woman files lawsuit to challenge RBZ Governor's Doctorate – The Zimbabwe Mail". Thezimbabwemail.com. Archived from the original on 15 August 2016. Retrieved 18 September 2016.
- ^ a b c d Herald, The. "New RBZ chief assumes office". The Herald. Retrieved 20 May 2019.
- ^ "Zimbabwe Extends Central Bank Governor's Term by Another 5 Years". VOA. Retrieved 20 May 2019.
- ^ "Zimbabweans suspicious of new 'bond coins'". TimesLIVE. Retrieved 20 May 2019.
- ^ Crabtree, Justina (28 November 2016). "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC. Retrieved 20 May 2019.
- ^ "Zimbabwe's RTGS dollars explained | IOL Business Report". www.iol.co.za. Retrieved 20 May 2019.