Ethiopia's central bank governor to leave government

Ethiopia's central bank governor, Mamo Mihretu

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Ethiopia's central bank governor, Mamo Mihretu, said on Wednesday he was leaving government, having led the bank through deep reforms of the economy, including the flotation of the birr currency.

Prime Minister Abiy Ahmed appointed Mamo to head the National Bank of Ethiopia in January 2023. It was not immediately clear if he was stepping down voluntarily or had been asked to resign.

Under Mamo's stewardship, the NBE established more independence, opened the financial sector to foreign banks, and secured $10.5 billion in external financing, Mamo said in a statement posted on X.

Since coming to power in 2018, Abiy has been trying to liberalise Ethiopia's hitherto tightly controlled economy. The Prime Minister's office did not respond to requests for comment.

Mamo was leaving government after seven years in various roles to pursue other passions and tackle other challenges, he said.

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