Ethiopia names Eyob Tekalign as its new governor of the central bank

State Minister of Finance Eyob Tekalign was named the new governor of Ethiopia’s central bank on Friday by Prime Minister Abiy Ahmed, following Mamo Mihretu’s resignation earlier this month.

Ever since assuming power in 2018, Abiy has been working to liberalize Ethiopia’s hitherto strictly controlled economy.

Mamo oversaw the central bank throughout significant economic reforms, such as the flotation of the birr currency and the opening of the financial sector to international banks in the East African nation.

In 2018, Eyob was appointed state minister of finance. Prior to that, he served as minister in charge of Ethiopia’s National Planning Commission.

According to his LinkedIn profile, he is a board member of the central bank, Ethiopian Investment Holdings, Ethiopian Electric Power, and Ethiopian Telecom.

Eyob has also earned a doctorate from the University of Maryland, where he studied Ethiopia’s political economy since the civil war ended in 1991. When asked for remark, he did not immediately answer.

“Dr. Eyob has led Ethiopia’s economic reform over the last seven years, including negotiating tax reforms and restructuring the country’s external debt,” stated independent expert Abdulmenan Mohammed.

“He ought to recognize the intricacy of the duty he is accepting. Interest-based monetary policy is being implemented, the market-based exchange rate system is still in a vulnerable position, and inflation is still in the double digits.”