The Ethiopian Prime Minister’s Office has officially announced the appointment of Eyob Tekalign as the new governor of the National Bank of Ethiopia (NBE). A respected reformer and member of the ruling Prosperity Party, Tekalign previously served as the state minister of finance.
He succeeds Mamo Mihretu, who stepped down earlier in September after a tenure marked by significant economic reforms. Under Mihretu’s leadership, the central bank restructured the country’s foreign exchange policy, which included the introduction of a market-based currency regime.
This measure helped Ethiopia generate a record $32.1 billion in foreign revenue during the 2024/25 fiscal year. However, the period also saw a substantial challenge, as the Ethiopian birr lost over 120% of its value against major international currencies. Tekalign is widely seen as a capable leader who can navigate the country’s complex economic landscape, which includes high inflation and currency instability.
His appointment signals a continued commitment to the financial reforms initiated by his predecessor, with the expectation that he will work to stabilize the currency and ensure the country’s economic policies attract the necessary investment for sustainable growth.
