Zimbabwe

Zim's Gono keeps top job

2010-05-04 18:21

Special Report

Mugabe must go demo 'dents' Zimbabwe's image
Mugabe must go demo 'dents' Zimbabwe's image

Zimbabwe's international image has been dented after President Robert Mugabe was heckled by protesters in Zambia’s capital Lusaka over the weekend, political analysts say.

Harare - Zimbabwe's controversial Reserve Bank governor, Gideon Gono, has kept the top post in a new central bank board named on Tuesday in a bid to restore the institution's credibility after a currency collapse.

"We have appointed a board that in our view is second to none," said finance minister Tendai Biti at a news conference in the capital, Harare.

"This board is expected to restore viability, buoyancy, credibility, legitimacy and accountability at the bank. There is a huge task that has to be done at the bank."

Gono's continued presence at the helm of the top bank has been a divisive issue in the power-sharing government of long-time rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai.

In 2008 Gono presided over the collapse of the local dollar and hyperinflation that saw prices doubling daily.

In March, the International Monetary Fund (IMF) said the top bank needed a new board to strengthen governance and adopt a budget that would downsize its operations.

The IMF added that governance at the central bank needed to be strengthened and its role refocused after abandoning the Zimbabwean dollar in favour of international currency in January last year.

International investors and several Western governments have raised concern over Gono's leadership of the central bank.

Biti said the bank owes more than a billion dollars and has been issued with summonses over the debt, resulting in some of its assets being sold.

Gono said some of the lawsuits the bank was facing were malicious, adding that the bank will be laying off some of its staff.

"We are now going to focus on core business," he said at the news conference.

"Naturally we are going to downsize, but that's for the board to decide."

The new board includes the country's first post-independence central bank chief, Kombo Moyana, former high court judge president George Smith, and lawyers and economists drawn from the private sector.

The new board will announce a new monetary policy committee to set interest and exchange rates.

- Sapa

Read more on:    robert mugabe  |  gideon gono  |  zimbabwe

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Inside News24

 
/Sport

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

Save up to 40% on outdoor accessories!

Tents, sleeping, day packs and more. While stocks last. Shop now!

Month End Madness Sale!

Save up to 60% on across a wide range of goods from books to electronics, DVDs and many more. Sale end 31 January 2015. Shop now!

Valentine’s Day gifts – 14 Feb!

Gifts to spoil him and her. While stocks last. Shop now!

30% off fragrances

Get 30% off fragrances for him and her. While stocks last. Shop now!

Up to 30% off All Textbooks

Save up to 30% off an extensive range of prescribed textbooks for all major universities and FET colleges. Shop Now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

There is a tendency to be too fixed on a set way of doing things today. You may get challenged and the best approach is to keep an...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.