Ethiopia’s central bank governor, Yinager Dessie, has been replaced due to the country’s struggles with rising inflation.
Yinager Dessie was named governor of Ethiopia’s National Bank (NBE) in 2018, shortly after Prime Minister Abiy Ahmed took office.
Mamo Mihretu, who was previously the Prime Minister’s economic adviser and later managed the Ethiopian Investment Holdings, a sovereign wealth fund with big state-owned enterprises such as Ethiopian Airlines and Ethio Telecom in its portfolio, has taken his place.
The tenure of the leaving governor was highlighted by the depreciation of the country’s currency against the dollar and a high rate of inflation. Since 2020, year-on-year inflation has been over 20%, peaking at 33% last year.
Mr. Abiy has also chosen four new ministers to fill previously resigned positions, including those in the mining and transportation ministries.
All the appointments have to be approved by the lower house of parliament