Monetary Policy Committee
The Monetary Policy Committee oversees the formulation of monetary policy to ensure price stability, support macroeconomic balance, and foster confidence in the financial system while contributing to sustainable economic development.
Monetary Policy Committee
The Committee provides expert guidance on monetary policy formulation to ensure price stability and sustainable economic growth.
Dr. John Mushayavanhu
Dr. Jesiman T. Chipika
Dr. Innocent Matshe
Mr. Persistence Elison Gwanyanya
Prof. Daniel Makina
Dr. Charity C. Jinya
Mrs Mathilda Dzumbunu
Prof. Ashok Chakravarti
Dr. John Mushayavanhu
Dr. John holds a Postgraduate Diploma in Management from Henley College, (UK) and a Master of Business Administration degree from Brunel University (UK). In addition, he is a Certified Associate of the Institute of Bankers of Zimbabwe (AIBZ). He is also a holder of a Doctor of Business Administration (Malaysia). John has more than 23 years banking experience spanning all facets of Corporate, Retail and Investment Banking. He has worked at Standard Chartered in Africa and the United Kingdom and at FBC Holdings Limited in senior capacities. Prior to being appointed Governor of the Reserve Bank of Zimbabwe, he was the Group Chief Executive of FBC Holdings Limited, a diversified Financial Services Institution.
Dr. Jesiman T. Chipika
Dr. J.T. Chipika is a re-nowned economist and researcher who is currently one of the two Deputy Governors of the Reserve Bank of Zimbabwe. Dr. Chipika is is passionate about financial inclusion. She is a former technical advisor in the Ministry of Finance and former lecturer at the University of Zimbabwe. She was also Programme Officer to the International Labour Organisation and the United Nations. Dr Chipika has published books and research papers on economics, broad based empowerment, poverty, Millennium development Goals and pro-poor policy making. She holds a PhD in Social Studies specializing in Economics which she attained in 1994 from the University of Zimbabwe. She also holds an MSc degree in Economics from the same University attained in 1985. She attained BSc. Economics from the University of Zimbabwe, in 1983.
Dr. Innocent Matshe
An immediate former Director at the African Economic Research Consortium (AERC), Dr. Innocent Matshe, was appointed Deputy Governor of the Reserve Bank of Zimbabwe (RBZ) effective October 1, 2022. As Deputy Governor, Dr. Matshe is also a member of RBZ Board of Directors, and a member of its Human Resources Management, Banking Sector Stability, Audit and Oversight committees. Dr. Matshe who is also a member of the Monetary Policy Committee has served on Boards of various other public and private institutions across Africa and brings a vast wealth of experience to the central bank. An expert in Digital Finance, and Applied Economic Policy Analysis, Dr. Matshe has previously held prominent positions internationally, including as a consultant for the World Bank and as Chairman of the Department of Economics, University of Zimbabwe. He joined the AERC from the Human Sciences Research Council (HSRC), where he was a Senior Research Specialist responsible for economic performance and development research. In the RBZ, Dr. Matshe oversees the Risk Management and Compliance Unit; Banking Operations and Currency Management; Economic Research, Modelling & Policy; and ICT, Innovation Hub & Fintechs Division
Mr. Persistence Elison Gwanyanya
Persistence Gwanyanya is a distinguished monetary policymaker, economist, chartered banker, financial and business executive with over 18 years of extensive experience in corporate and institutional banking, financial engineering, and entrepreneurial leadership. Renowned for his expertise in trade finance, deal structuring, capital mobilisation, and business acumen, Mr. Gwanyanya occupies a unique dual role in Zimbabwe’s economic and business landscape. As both a key monetary policymaker at the Reserve Bank of Zimbabwe and a principal in a major private-sector conglomerate, he possesses a distinctive, 360-degree perspective on the nation’s financial architecture, economic development imperatives, and the practical realities of both the private and public sectors. Mr. Gwanyanya’s career is defined by his ability to translate high-level financial expertise into tangible economic and social development. Beyond positioning the Bullion Group as a key driver of Zimbabwe’s commodity and infrastructure sectors, his influence extends widely across the corporate, public, and social spheres. Having advised over 20 major institutions and with his economic analyses sought after by local and international media, he is a recognized thought leader who shapes the national economic discourse. A recipient of more than 20 individual awards, Mr. Gwanyanya uniquely balances his high level policy and business roles with a deep, active commitment to philanthropy, notably through his scholarship programs and ongoing support for vulnerable communities. His simultaneous role on the RBZ’s Monetary Policy Committee ensures that his entrepreneurial and community ventures are aligned with the highest levels of national financial stewardship, making him a central, multifaceted figure in shaping Zimbabwe’s economic and social future
Prof. Daniel Makina
Professor Daniel Makina is one of Africa’s most respected scholars in finance, development economics, and financial inclusion, with a career that has shaped academic thinking, policy debates, and professional practice across the continent. A Zimbabwean by origin and long based in Pretoria, South Africa, he has built a distinguished scholarly legacy grounded in rigorous empirical research, institutional leadership, and a sustained commitment to strengthening Africa’s financial systems. He has published extensively in academic journals such as South African Journal of Economics, Studies in Economic and Econometrics, International Migration, Migration Letters, Journal of Developing Societies, Development Southern Africa, African Development Review, International Journal of Social Economics, Applied Economics, Applied Financial Economics, among others. His recent publications include the edited books - Extending Financial Inclusion in Africa (2019) and Routledge Handbook of Contemporary African Migration (with Dominic Pasura) - published in 2024. Professor Makina earned his PhD in Finance/Financial Markets from the University of the Witwatersrand (Wits), following an MSc in Financial Economics from the University of London. His academic trajectory spans several institutions, including the University of South Africa (UNISA), where he serves as Professor of Finance in the Department of Finance, Risk Management & Banking. He has also held roles at the University of the Witwatersrand, University of Zimbabwe, and the Zimbabwe Economic Policy Analysis and Research Unit (ZEPARU). Currently he serves on the Monetary Policy Committee of the Reserve Bank of Zimbabwe (RBZ).
Dr. Charity C. Jinya
Dr. Jinya is a renowned banker and economist with over 30 years banking experience. She was appointed to the Monetary Policy Committee of the Reserve Bank of Zimbabwe on 20 February 2021. She was Managing Director, Nedbank Zimbabwe Limited for 10 years before her retirement in March 2020. Prior to that Dr. Jinya was Managing Director of Barclays Bank Uganda and Barclays Bank Zimbabwe. She has held the positions of President, Bankers Association of Zimbabwe, Chairman, SADC Bankers Association and Chairman, Institute of Bankers, Zimbabwe. She is a recipient of various awards including Institute of Directors of Zimbabwe’s IODZ Director of the Year for Large Corporates and Overall Director of the Year. She currently serves on the boards Delta Corporation Limited, Old Mutual Investment Group Private Limited and Bindura Nickel Corporation Limited .
Mrs Mathilda Dzumbunu
Mathilda Dzumbunu is a senior leader in Zimbabwe’s financial and business sectors, serving as Deputy Chairman of the Reserve Bank of Zimbabwe’s Board of Directors, Chairman of the RBZ Audit Committee, and is a member of the Monetary Policy Committee. Previously Mathilda was the Chairman of the People's Own Savings Bank (POSB) and through her astute leadership helped the Bank to return to profitability and declare dividends after years of reporting trade deficits. Mathilda is a Chartered Governance Professional and an accomplished entrepreneur, having won the ZNCC First Prize in the Women in Business Awards (2019). She has reshaped perceptions of women in the workplace by leading through example and demonstrating strong, consistent leadership. Under her guidance, her company Aquamist Beverages built a trusted brand in the hospitality and retail sectors. A strategic thinker, she earned Academic Prizes from the Institute of Chartered Management Accountants in Zimbabwe and won the University Book Prize for academic excellence from the University of Zimbabwe. Renowned for her focus, honesty, and attention to detail, her active stakeholder engagement across industries and steady governance helped her play a significant role as a Finance Executive in the companies that she has worked for over the past 40 years, which include Chemplex Corporation; Zimbabwe Phosphate Industries (Zimphos); Merchant Bank of Central Africa (MBCA now Nedbank), and Beverley Building Society (now CBZ BuildingSociety). Her professional engagements include consulting for Sapientis Advisory (SA), being a Non-Executive Director of St Angela High Advisory (SA), being a Non-Executive Director of St Angela High School, and recently making a breakthrough in the male- dominated construction industry as CEO of Cypress Housing and Construction (Private) Limited.
Prof. Ashok Chakravarti
Ashok Chakravarti is a development economist who has been providing policy advice to the Government of Zimbabwe, and other countries in the African region, for the past 45 years. He holds several degrees in economics from Oxford University. During this period, he has also worked in an advisory role for the World Bank, USAID, DFID, UNDP, UNCTAD and other international agencies. Prof. Chakravarti’s professional career in Zimbabwe started in 1984 when he was appointed as UNDP’s Development Planning & Aid Advisor to Dr. Bernard Chidzero, first Finance Minister of the Government of Zimbabwe. After several International assignments outside the country, he came back to the Ministry of Finance in 2010 as Advisor in Aid & Debt Management. Subsequently, he became one of the Coaches leading the Ease of Business Programme under the Office of the President and Cabinet. In 2019 he was appointed as the Interim Chairman of the Zimbabwe Electricity Supply Authority Board. In 2020 he resigned from ZESA and re-joined the Ministry of Finance, Economic Development & Investment Promotion as Senior Economic Advisor to the Hon. Minister of Finance Prof. Mthuli Ncube. In this position, Prof. Chakravarti continues to play a key role in providing policy advice in support of the government’s central agenda of ‘Vision 2030’ whereby the country is to achieve upper middle-income status by 2030. He is also facilitating the achievement of the ‘Zimbabwe is Open for Business’ mantra through his leading role in the wide-ranging Ease of Doing Business Programme which targets to improve the business enabling environment. Prof. Chakravarti’s association with the Reserve Bank commenced in 2020, when he was appointed to the newly constituted Monetary Policy Committee of the Bank. He continues to hold this position and is consequently the longest standing member of the MPC. Between 2021-2024, he was also a member of the Foreign Exchange Allocation Committee of the RBZ. Key international assignment’s held by Prof. Chakravarti include being Economic Advisor in the Office of the President & Cabinet, Government of Malawi between 1987-1992, and Chief of Party of a major institutional development programme funded by the U.S. government to support the establishment of the newly independent Government of Southern Sudan from 2004-2007. At an academic level, Prof. Chakravarti has been a Visiting Fellow at Oxford University on several occasions between 2002 and 2010. From 2009 to 2014, he was Senior Visiting Lecturer at the Department of Economics, University of Zimbabwe, where he taught Development Economics and Macroeconomics. He is the author of several peer-reviewed papers and books, which have received international acclaim and endorsement from Nobel Laureates in Economics. In 2006, he published his first book entitled “Aid, Institutions and Development: New Approaches to Growth, Governance and Poverty”. His latest book is “Institutions, Economic Performance and the Visible Hand, Theory and Evidence”, 2012, Edward Elgar (UK/USA).
