By Ethiopian Monitor
Copyright ethiopianmonitor
Prime Minister Abiy Ahmed (PhD) has named State Minister of Finance Eyob Tekalgn as the governor of the National Bank of Ethiopia (NBE).
The PM office announced on Friday the appointment of Eyob (PhD) as the Central Bank governor, effective as of Sept 19, 2025.
The decision see Eyob leave his position as State Minister of Finance in charge of Fiscal Policy and Public Finance, and become the 11th Governor of the national bank.
The shift comes two weeks after the former Governor Mamo E Mihretu announced his decision to step down from all governmental positions “to pursue other passion and tackle other challenges”.
Governor Mamo penned a letter with “Message of Appreciation and Farewell” just a year into the International Monetary Fund (IMF) backed macroeconomic reforms implementation.
Mamo held three major positions after he joined the Abiy Ahmed administration seven years ago, leaving behind a Senior Project Manager post at the World Bank Group in Kenya.
He served as:
Senior Policy Advisor to the PM Office and Ethiopia’s Chief Trade Negotiator from 2018-2021,
Founding CEO of the Ethiopian Investment Holdings (EIH) from 2021-2023,
Governor of the Central Bank until Sept 3, 2025.
in his letter, Mamo, who succeeded Yinager Dessie (PhD) as NBE Governor in Jan 2023, wrote that he “led this venerable institution through the country’s most significant economic reforms in over 50 years.”
The reforms saw the Central Bank introduce new monetary policy framework, transition to a market-based foreign exchange rate system, and advance digital inclusion, as well as establishes its autonomy and open up the financial sector for foreign investments, through newly revised NBE establishment and banking business proclamations.
“As a result of these reforms, foreign currency holding increased by more than three-fold reaching historically its highest level in a matter of a year. Inflation reached its lowest in seven years,” Mamo said in his letter posted on X on Sept 3.
“Digital payments increased by more than 10 folds. The financial sector strengthened and expanded tremendously, reaching more than 5 trillion in assets. These and other historic achievements of the government are nothing short of remarkable.”
He also added: “On leaving the NBE today, I am confident that the vision of a modern central bank that is first for purpose is within reach.”
Mamo and his successor Eyob served together as members of the NBE Board of Directors as well as Ethiopia’s Macroeconomic Council, which is the body that steers economic policy and strategic decisions.
Eyob has become the 11th Governor of the national Bank of Ethiopia.
The former minister in charge of the national Planning Commission has a two decade working experience in major public, private, national, multinational, and academic institutions. He also has Masters and PhD degrees on political economy from the George Washington University and University of Maryland’s School of Public Policy, respectively.
