The Office of Ethiopia Prime Minister Abiy Ahmed has announced the appointment of Mamo Mihretu as the new governor of the National Bank of Ethiopia (NBE).Mihretu replaces Yinager Dessie, who has been serving as governor of the bank since July 2018..

Miehretu was previously the CEO of state-owned Ethiopian Investment Holdings (EIH) since it was founded in January 2022.

It has more than two dozen state-owned enterprises under its supervision.

The appointment of Mamo to a top state owned financial institution comes amidst rumors that the Ethiopian government is preparing to devalue the Ethiopian Birr. 

The local currency exchanges at 53.42 to a dollar, but is being exchanged for around 100 birr in the black market.

Last Thursday, the Ethiopia State Minister of Finance, Eyob Tekalign tweeted that widespread rumors of birr devaluation were “just a rumor.”

PM Abiy on Friday also announced the nomination of three new ministers whose appointments are expected to be approved by the ruling Prosperity Party dominated parliament in the coming days.

The three nominated ministers are Alemu Sime, Transport and Logistics Ministry, Habtamu Tegegn, Mining Ministry and Girma Amente, Agriculture Ministry.

Abiy further announced the appointment of several other officials to various positions in his administration with immediate effect.

Daniel Kibret has been appointed as Social Affairs Advisor to the PM at ministerial level, Alemtsehay Paulos as Head of the Office of the PM and Cabinet Affairs Minister and Meles Alemu as Coordinator of Democracy Building Cluster at ministerial level.

Former Ethiopia ambassador to the UN Taye Atskeselassie, has been appointed Foreign Affairs Advisor to the PM at ministerial level.