Mangudya’s Contract Expires!

The contract of employment of the Reserve Bank of Zimbabwe Governor, John Mangudya, has expired.

Zim draws down $1,1bn from Afreximbank facilities

A local publication reports that the contract expired on Tuesday and the government is yet to renew it.

Mangudya told the publication:

Unfortunately, I can’t discuss the specifics of my contract as it hangs within the appointing authority which is the government of Zimbabwe. I just continue to work as usual and as my superiors have told me. All the announcements will be done by the employers and I don’t know when and how…. Just watch the space and see how it goes.

Mangudya was appointed RBZ governor after Gideon Gono who is generally considered to have led the central bank during its worst period since 1980. During Gono’s era, inflation hit a record 179.6 billion percent in mid-November 2008.

Mangudya’s known most for introducing the Bond Notes in 2016 and insisting that they were equivalent in value to the US dollars. he is also infamously known for promising that if the Bond Notes project failed, he would resign from his position. He did not resign, despite the Bond Notes’ 1:1 premise being dropped in February 2019 and later President Mnangagwa ridiculing the Bond Note’s successor RTGS$ currency.

– BusinessTimes

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