As Ethiopia struggles with high inflation rates, the head of Ethiopia’s central bank has been removed. The year 2018 saw the appointment of Yinager Dessie as governor of the National Bank of Ethiopia (NBE), shortly after Prime Minister Abiy Ahmed took office.
Mamo Mihretu, who once advised the PM on economic matters and later oversaw Ethiopian Investment Holdings, a sovereign wealth fund that has significant state-owned companies like Ethiopian Airlines and Ethio Telecom in its portfolio, has taken his position.
The birr, the nation’s currency, was devalued against the dollar during the time of the outgoing governor, as was a high rate of inflation.
Since 2020, annual inflation has stayed over 20%, peaking at almost 33% in 2018. In addition, Mr. Abiy selected four new ministers to fill open positions, including those in the mining and transportation ministries. The lower chamber of parliament must approve each appointee.