Ethiopia’s Prime Minister Abiy Ahmed has appointed State Finance Minister Dr. Eyob Tekalign as governor of the National Bank of Ethiopia, filling the vacancy left by Mamo Mihretu earlier this month.

Mamo resigned after 32 months in office, during which he floated the birr, strengthened central bank independence, and opened the financial sector to foreign banks. His departure created uncertainty about the future of Ethiopia’s reforms, making the quick appointment of a successor a priority for Abiy’s government.

Analysts say Dr. Eyob’s appointment signals continuity but also highlights the challenges ahead.

“Over the past seven years, Dr. Eyob has been at the forefront of the economic reform in Ethiopia, including the negotiation of the external debt restructuring, tax reforms,”

He takes office at a time when inflation remains in double digits, the market-based exchange rate is fragile, and an interest-based monetary policy framework is still being established.

His immediate tasks include stabilizing prices, managing external debt talks, and guiding Ethiopia’s financial sector as it opens to foreign participation for the first time in its modern history.