Top banker Jinya makes grand return

IT is an appointment that many least expected. But ex-Nedbank managing director (MD) Charity Jinya (pictured) made a surprise return to the country’s banking industry on Saturday after Finance minister Mthuli Ncube included her in a powerful list of economists and bankers to sit on the central bank’s Monetary Policy Committee (MPC).

The five included economics lecturer Albert Makochekanwa, another economist Persistence Gwanyanya and POSB Bank chairperson Matilda Dzumbunu, who already sits on the Reserve Bank of Zimbabwe (RBZ) board.

Academic Daniel Makina completed the team that will join RBZ governor John Mangudya and his two deputies in making crucial monetary policy decisions in the MPC.

A former Bankers Association of Zimbabwe president, Jinya retired early last year after presiding over the transition of MBCA Bank to Nedbank during a tough period for banks with industries faltering under the weight of a brutal economic crisis that would later be amplified by the outbreak of COVID-19.

She had previously been MD at Barclays Bank before it rebranded to First Capital Bank following a 2017 takeover.

“I would like to congratulate the new members who I am confident will further strengthen the RBZ Monetary Policy Committee. The appointments are with immediate effect and I wish them all a successful tenure,” Ncube said in a statement.

Last week. Eddie Cross told our sister paper the Zimbabwe Independent that he had quit the MPC.

But banking sector sources told Businessdigest that the former legislator and ex-Cold Storage Company general manager had recently complained about fatigue and ‘frustration’ at the central bank.

The sources said there had been attempts at the Ministry of Finance and Economic Development to gag the outspoken economist, who is known for speaking his mind.

“Yes, I resigned from the MPC,” Cross said. “But I would rather not say more than that,” he added.

The MPC was established in September 2019 following many years of absence after Zimbabwe adopted a multi-currency system in 2009 to stabilise the economy in the aftermath of the downturn between 2007 and 2008, which knocked off the domestic currency.

Cross’s frank analysis and disclosures of what would be taking place at the central bank had triggered concern within the government and at the RBZ. In 2019, he revealed that a new currency was to be introduced, well before the RBZ was ready to announce the development.