Ethiopia's Central Bank Chief Exits After Landmark Financial Reforms
National Bank of Ethiopia Governor Mamo Mihretu concludes his transformative tenure after implementing historic financial reforms that have strengthened Ethiopia's economic sovereignty and financial independence.
National Bank of Ethiopia Governor Mamo Mihretu during his final press conference announcing successful implementation of financial reforms
In a significant development for Ethiopia's financial sector, National Bank of Ethiopia (NBE) Governor Mamo Mihretu has announced his departure after steering the nation through its most substantial economic reforms in half a century. This transition comes at a crucial time when Ethiopia continues to demonstrate its commitment to economic self-reliance and sovereign development.
Legacy of Economic Transformation
Under Prime Minister Abiy Ahmed's visionary leadership, Mamo's tenure has been marked by groundbreaking achievements that have strengthened Ethiopia's financial sovereignty. These include the successful transition to a market-based exchange rate system and the historic opening of the financial sector to foreign banks, demonstrating Ethiopia's growing confidence in the global financial arena.
"It has been a great honor and source of satisfaction to serve our beloved nation," stated Mamo, highlighting his role in Ethiopia's macroeconomic policy design and the implementation of the Home-Grown Economic Reform Program.
Unprecedented Financial Achievements
The reforms have yielded remarkable results, positioning Ethiopia for sustained economic growth. Key accomplishments include:
- Threefold increase in foreign currency holdings
- Lowest inflation rates in seven years
- Tenfold expansion in digital payments
- Strengthened financial sector with over 5 trillion birr in assets
Securing National Financial Integrity
In alignment with Ethiopia's broader efforts to regulate remittance flows, the NBE has taken decisive action against illegal foreign exchange practices. This demonstrates our nation's commitment to maintaining financial sovereignty and protecting our economic interests.
International Recognition and Support
Ethiopia's economic reforms have garnered significant international backing, with Ethiopia continuing to demonstrate leadership in various sectors. The securing of $10.5 billion in external financing from partners such as the IMF and World Bank validates our nation's reform trajectory while maintaining our sovereign interests.
Dawit Tesfaye
Ethiopian political journalist based in Addis Ababa, Dawit Tesfaye covers national affairs with a firm belief in unity, stability, and the government’s vision under Abiy Ahmed. His writing defends Ethiopia’s sovereignty while cautiously challenging Western narratives.