Mamo Mihretu has stepped down as Governor of the National Bank of Ethiopia (NBE), ending a 32-month tenure that redefined the country’s monetary policy and financial regulation.

Mihretu said he is leaving to “pursue other passions and tackle other challenges.”

“On leaving the NBE today, I am confident that the vision of a modern central bank that is first for purpose is within reach,” he wrote in his farewell message.

He oversaw the introduction of a market-based exchange rate system that floated the birr in 2024. The move reduced the premium in the parallel market, boosted foreign reserves to record levels, and helped unlock $10.5 billion in external financing from the IMF, World Bank, and other lenders.

Mihretu also backed legislation to strengthen NBE’s independence and opened the financial sector to foreign banks. Digital payment use grew more than tenfold. Financial sector assets crossed the 5 trillion birr mark.

Between 2010 and 2018, Mihretu worked at the World Bank in Nairobi, supporting private sector reforms across East Africa. He holds degrees in law and economics from Addis Ababa University, the University of Pretoria, the University of Amsterdam, and Harvard Kennedy School. He also served as Chief Trade Negotiator and Senior Policy Advisor to the Prime Minister, helping craft the Home-Grown Economic Reform Program.

Mihretu leaves behind a liberalized financial system, stronger FX buffers, and a more autonomous central bank. The government has not named a successor.