Ethiopia’s Prime Minister Abiy Ahmed appointed State Minister of Finance Eyob Tekalign as the new central bank governor on Friday, after Mamo Mihretu left the position earlier this month.
Abiy has been trying to liberalise Ethiopia’s hitherto tightly controlled economy since coming to power in 2018.
Mamo led the central bank during deep economic reforms including the flotation of the East African country’s birr currency and the opening up of its financial sector to foreign banks.
Eyob has worked as a state minister of finance since 2018, and previously as minister in charge of Ethiopia’s National Planning Commission.
He sits on several boards including the central bank, Ethiopian Investment Holdings, EthioTelecom and Ethiopian Electric Power, according to his LinkedIn profile.
Eyob also holds a doctorate from the University of Maryland in an analysis of Ethiopia’s political economy since the end of the civil war in 1991. He did not immediately respond to a request for comment.
“Over the past seven years, Dr. Eyob has been at the forefront of the economic reform in Ethiopia, including the negotiation of the external debt restructuring, tax reforms,” said Abdulmenan Mohammed, an independent analyst.
“He should appreciate the complexity of the responsibility he is taking. Inflation is still in double digits, the market-based exchange rate system is still in a precarious situation, and the interest-based monetary policy framework is under implementation.”
