Head of Ethiopia's central bank, Yinager Dessie has been sacked as the nation struggles with high inflation rate.

He has been replaced by the Prime Minister’s previous economic advisor, Mamo Mihretu.

Mr. Dessie was appointed governor of the National Bank of Ethiopia (NBE), in 2018 shortly after Prime Minister Abiy Ahmed took office.

Since 2020, annual inflation has stayed above 20%, peaking at over 33% in 2018.

Ethiopia’s currency, bar, was devalued against the dollar during the time of the outgoing governor.

In Mr. Mihretu’s portfolio, he ran the Ethiopian Investment Holdings, a sovereign wealth fund with large state-owned corporations like Ethiopian Airlines and Ethio Telecom.

Source: BBC