Reserve Bank of Zimbabwe governor John Mangudya emphasised the importance of building a "transparent and responsible" institution yesterday, in his first speech since taking over from Gideon Gono earlier this month.

Zimbabwe's ministry of finance has already committed to reforming the central bank, most notably by taking on its debts worth $1.35 billion, and restoring it as the country's lender of last resort.

Mangudya voiced his concerns about the credit crunch in the Zimbabwean economy, and