Mamo Mihretu has stepped down as governor of the National Bank of Ethiopia after two years in office. He confirmed his exit on Wednesday, saying he was leaving to “pursue other passions and tackle other challenges.”
Prime Minister Abiy Ahmed appointed him in January 2023. Since then the bank floated the birr, adopted interest-rate policy, and opened the financial sector to foreign lenders. Mamo also negotiated $10.5 billion in financing from the International Monetary Fund (IMF) and World Bank.
The birr now trades at about 138.5 per US dollar, up from 57 before the float in July 2024. That move closed much of the gap with the parallel market while straining importers and households.
Foreign-currency reserves tripled during his tenure. Inflation eased to nearly 14% in July from close to 37% three years earlier. Banking assets passed 5 trillion birr, or about $35 billion. Digital payments expanded more than tenfold. All of these progresses contributed to the boldest reforms by the apex financial institution in decades.
Mamo called the changes the most important in decades and said he leaves confident in a “modern central bank that is fit for purpose.” His resignation comes as Ethiopia faces pressure to steady its currency and manage IMF-backed reforms that have raised living costs.
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