The search for a new governor for the Reserve Bank of Zimbabwe has begun after Dr Gideon Gono, who had been at the helm of the apex bank for 10 years, bade farewell to the institution yesterday.

Deputy Governor Dr Charity Dhliwayo has been appointed to act in the position for the next three months, after which the position rotates with the other deputy governor Dr Kupukile Mlambo also acting, in the event that no appointment was  made by then.

The appointment of a new governor is expected to boost confidence in the banking sector especially after Cabinet this week approved to assume the RBZ's US$1,35 billion debt. The debt assumption is expected to pave way for the recapitalisation of the central bank and the restoration of its lender of last resort function.

Some of the names currently being speculated for the post include Dr John Mangudya, former RBZ governor Edwin Mashiringwani and Ministry of Finance director Andrew Bvumbe.

Dr Gono himself was reported to have proposed the names of his two deputies, Dr Dhliwayo and Dr Mlambo as his successors. However, deputy governors have never assumed the role of governor except on an acting basis.

At the time Dr Gono took over from Dr Leonard Tsumba, the economy was going into a slide. He came up with a number of policies, though widely criticised, in a bid to try and keep the country's economy afloat. Dr Tsumba's term expired on June 30, 2003 and Charles Chikaura was appointed acting governor for six months until Dr Gono took over.

Dr Gono was first appointed central bank governor in November 2003 and was re-appointed in November 2008 for another five-year term.