The appointment, sanctioned is effective December 1 and ends on November 30, 2013, and surely going to cause an uproar with the opposition.
Gono became RBZ Governor in the first week of December 2003 and his current term expires on Sunday.
"I congratulate Gideon Gono on his re-appointment," Dr Mumbengegwi said.
Gono refused to comment on the renewal of his term.
"I think the statement from the Minister of Finance is enough for the time being," he said.
He is the fourth head of the central bank since Independence in 1980.
Dr D.C. Krogh was Governor between 1976 and 1983 and was replaced by Dr Kombo Moyana (1983-1993). Dr Leonard Tsumba was in charge between 1993 and 2003 when Gono took over.
During his first term, the Reserve Bank has been key in funding crucial national development programmes, among them the four phases of the Farm Mechanisation Programme.
The RBZ traces its roots to the Bank of Rhodesia and Nyasaland, created in March 1956 as a central bank for the Federation of Rhodesia and Nyasaland. The Reserve Bank was the successor to the Central Currency Board, which had the sole right to issue currency.
The bank operates under the RBZ Act, Chapter 22: 15 of 1964. The Act provides for the board of directors and the post of Governor who is responsible for the day-to-day administration and operations of the bank. Three deputy governors assist the Governor.
The Governor and his three deputies are appointed by the President for renewable five-year terms. The Governor chairs the board of directors, and its membership includes three deputy governors and a maximum of seven other non-executive directors appointed by the President and representing key sectors of the economy.