THE Reserve Bank of Zimbabwe (RBZ) has embarked on a remodelling exercise that includes its management, the banks regulator said, as new governor John Mushayavanhu assembles a new team to tackle the economy’s multi-faceted challenges.
Mushayavanhu began his reign on March 28, introducing the Zimbabwe Gold (ZiG) currency with a promise to make the local unit a preferred medium of exchange.
The challenges that have haunted the central bank include a volatile exchange rate, rising inflation and increased dollarisation.
Prior to his appointment, Mushayavanhu was group CEO FBC Holdings Limited.
The banker has expanded the executive management committee (exco) to 16 from 10 while some dockets have been changed to build a winning team capable of tackling the multi-faceted challenges.
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“The Reserve Bank of Zimbabwe is going through a remodelling process. This is an on-going process, which shall be communicated at the opportune time,” the RBZ said in response to inquiries by NewsDay Business.
The exco is made up of Mushayavanhu, the two deputy governors (Jesimen Chipika and Innocent Matshe), Moris Mpofu (executive assistant/ adviser to the governor), Nebson Mupunga (director economic research, modelling and policy), Azvinandaa Saburi (director banking operations & currency management), Farai Masendu (director financial surveillance) and Virginia Sithole (bank secretary & director general counsel).
It also includes Philip Madamombe (director banking supervision, surveillance and financial stability) Cleopas Chiketa (director human resources), Joseph Mverecha (director policy and strategy), Melody Harry (director corporate affairs), Never Nyemudzo (director finance, assets and stores management), Ernest Matiza (director financial markets), Tayengwa Chitauro (director capital flows administration and management) and Clever Haparari who is director ICT, innovation hub and fintechs.
Mpofu, Mverecha, Harry and Nyemudzo are all new appointments, while Matiza was promoted after he served as deputy director in the same department.
Saburi’s position is an entirely new role created by the bank for an official that had been working at the RBZ as its director of financial markets for several years.
Mpofu is a former director of exchange control and was once seconded to serve as chief executive officer of the Zimbabwe Consolidated Diamond Company.
During his tenure at the RBZ, Mpofu had multi-sectoral exposure, experience and expertise in the administration and accounting for the country’s foreign exchange transactions.
He spent 26 years at the RBZ where he gained considerable senior management experience and advisory expertise in the financial sector, foreign exchange, foreign investment deals, exports and imports, structured trade, investment finance, international banking, diaspora remittances, and project management.
Before her appointment, Harry had served as head of corporate communications at the government State entity, TelOne.
She worked at the State entity for 10 years, a role she left in July.
Mverecha’s appointment to the central bank came after serving as AFC Commercial Bank’s business strategy head, a bank under the AFC Holdings, for several years.
Before working at AFC Commercial Bank, Mverecha began his career working at the RBZ as an economist becoming assistant director in 2002 and chief economist in 2004.
He has also worked at the Chamber of Mines of Zimbabwe and at ZB Bank as head of strategy and economics.
Nyemudzo joined RBZ this month from the Zimbabwe Investment and Development Agency where he was chief facilitator.
Prior to that, Nyemudzo had served as the CBZ Holdings Limited CEO for three years until December 31, 2017.
He had joined CBZ in 2008 as the group finance director.
