The Office of the Ethiopian Prime Minister over the weekend confirmed the appointment of respected reformer Eyob Tekalign as the new governor of the National Bank of Ethiopia.
Tekalign, who currently serves as the state minister of finance, succeeds Mamo Mihretu, who had led the central bank since January 2023, the Office said in a statement.
Mihretu stepped down earlier this month after overseeing key economic reforms, including a restructuring of the country’s foreign exchange policy framework that introduced a market-based currency regime.
Speaking at the Ethiopia Finance Forum in the capital of Addis Ababa in July, Mihretu said the measures had helped the country generate a record 32.1 billion U.S. dollars in foreign revenue during the 2024/25 fiscal year, which ended on July 7.
However, over the past one year, the Ethiopian birr lost well over 120 percent of its value against major international currencies such as the dollar, pound sterling and euro.
Tekalign, who served as state minister for finance, is a member of the ruling Prosperity Party and is widely seen as a reformer who could turn the fortunes of the bank around.
MG/as/APA