The National Bank of Ethiopia (NBE) today announced the resignation of its Governor, Mamo Mihretu, who stepped down on August 28, 2025.
Mr. Mihretu, who has led the institution through one of the most significant reform periods in its history, shared the news via his official social media account. In his statement, he expressed gratitude for the opportunity to serve and underscored the progress made under his leadership.
During his tenure, the National Bank implemented the country’s first major reform in five decades, introducing market-based foreign exchange policies, strengthening monetary governance, and advancing digital financial services. He also championed legislative reforms that provided the Bank with greater institutional and administrative independence, in line with Ethiopia’s commitments under its $3.6 billion IMF-supported program.
Key achievements included tripling Ethiopia’s foreign exchange reserves, reducing inflation to its lowest point in seven years, expanding digital financial payments tenfold, and increasing the financial sector’s assets to 5 trillion birr. The Bank also contributed to securing $10.5 billion in financing from the World Bank and IMF to support Ethiopia’s economic reforms.
In his farewell, Mr. Mihretu stated: “I am confident that the National Bank is on track to achieve its vision of becoming a modern, independent, and purpose-driven central bank.”e.