Governor of the National Bank of Ethiopia Mamo Mihretu has stepped down from his post effective Tuesday, September 2, 2025, APA can report.
In a letter addressed to Mihretu, Prime Minister Abiy Ahmed announced the stepping down of the former governor after serving the post for more than two years.
“After seven years of dedicated public service in different capacities, the time has come for me to leave government to pursue other passions and other challenges,” Mihretu announced on social media on Wednesday.
During Mihretu’s supervision, the Ethiopian Birr saw unprecedented depreciation in history. He, however, claimed that he along with his colleagues has enabled the Ethiopian economy to perform better.
“I led this venerable institution through the country’s most significant economic reforms in over 50 years,” he said adding “I am incredibly proud of the work we did at the National Bank of Ethiopia.”
He said that inflation has reached the lowest point in seven years, currency reserves, grew by about three folds since the introduction of the market-based exchange regime, and that the Bank’s autonomy is established through legislation
Mihretu was appointed as governor of the National Bank of Ethiopia in January 2023 after Yinager Dessie, an experienced banker, was unceremoniously and mysteriously removed from his position.
Prime Minister Abiy Ahmed has not explained why he removed Dessie from the position, as has been the case with some other officials. There have been reports that Prime Minister Abiy Ahmed removes officials whenever his policies face stern challenges.
MG/abj/APA