Mamo Mihretu acknowledged the Audit report
Borkena
Toronto – An independent auditor reveals that the National Bank of Ethiopia has a 10.5 billion birr loss during the ending Ethiopian budget year.
The loss is from the overall banking operation, according to the Ethiopian Reporter Report.
An arrangement was made in agreement with the International Monetary Fund (IMF) to hire an external and independent auditor. MSE Audit Service LLP carried out the audit work.
It is indicated that the report was released earlier this month after Mamo Mihretu confirmed it on behalf of the Board of Directors.
According to the report, the finding is a total of 10.5 billion birr loss for which three explanations were given. One of the reasons is the discrepancy between the buying and selling prices of Gold. However, the details are unspecified. Notably, weeks after the introduction of macroeconomics reform with a change in forex regime in July 2024, the National Bank of Ethiopia announced that it will be buying gold at international rates with the aim to increase the volume of reserve. (For more information you can read this )
Another explanation for the loss is money borrowed by the government – apparently Federal government – and not returned.
The third explanation is loss due to the depreciation of Ethiopian birr. Prime Minister Abiy Ahmed’s government, with apparent pressure from the IMF, introduced a “market based” foreign currency exchange in July 2024. It took only 57 Ethiopian birr to fetch one U.S. dollar when the change was introduced. Ethiopian currency lost over 100 percent of its value within six months after the currency regime change. Currently, it is selling for well over 134 birr. The rate in the parallel market is over 150.
During the ending fiscal year, National Bank of Ethiopia has reportedly borrowed 134.9 billion birr to government banks, 13 billion to private banks and over 687,8 billion birr to the government.
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The genius Governor of the bank, Obbo H.E. Mamo Mihretu has explained the reasons and they are plausible. The loss is not due to pilfering as this was customary before his time between 1991 and 2018. It was confirmed that just between the years 2002 and 2014 money was stolen from the nation’s coffers to the tune of 30 billion in US dollars. That ain’t gonna happen again under Brother Mamo’s watch. In this case, the deadbeat master of arrears, the regime, has to cough up what it borrowed and with interest.
Let’s move on. The national bank is in good hands.
$30 Billion is a lot of money . If stolen , it should be traced . What was the total export revenue of the country during this period? Were did you get the 30 billion figure ?
Either way , since the advent of the PP, supported by America based IMF mafia groups , Ethiopia has just undergone one of the most catastrophic currency devaluations in modern African history, with the birr losing 69–85% of its value practically overnight. This isn’t just a minor fiscal adjustment — it’s a national economic collapse that has wiped out the life savings of millions, pushing households into destitution and accelerating inflation to unbearable levels. By all measure , no comparison with EPRDF government .
Does this ring bell?
forbes.com/sites/realspin/2017/03/03/ethiopias-cruel-con-game/
How about this one?
ethiopianreview.com/content/33098
I have been pleading and begging experts in finance among our Diaspora over the years to trace money pilfered from those poor people but so far to no avail. That is because our thieves knew their stealing trade very well. They are not like the son of the lifetime leader of Equatorial Guinea. Ours were Equal Opportunity Employers among themselves. Get it?
Please do not assume that I believe this money carnage has stopped and gone away since 2018. It has been an affliction bedeviling Africa except one or two countries like Botswana since the 1960’s.
And then there is the $5million owed to Africa Union or ECA that went missing. Now several hundred million unaccountable. And the out of hand corruption. Abiy talks and talks and does not understand why this is happening or how it should be stopped. He should resign.
Well, first, it is encouraging the fact that they allow independent ‘auditors’ to open their ‘books’; unlike the ‘untouchable ‘ US FED ( International banking Cartel with $37 trillion riches in the US alone in 1 12 years (1913-2025)).
Second, hope NBE does NOT become ‘pentagon’ like… where $trillions go ‘invisible’ year after year…
Be well.
Blessed love Governer Mr. Mamo Mihretu,
I am interested in a career of finance.
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Only 10.5 billion birr in losses? Who are you trying to hoodwink? Ethiopia has just undergone one of the most catastrophic currency devaluations in modern African history, with the birr losing 69–85% of its value practically overnight. This isn’t just a minor fiscal adjustment — it’s a national economic collapse that has wiped out the life savings of millions, pushing households into destitution and accelerating inflation to unbearable levels.
Let’s be clear: this is not a “reform.” It’s a financial crime of historic proportions, and whoever made this reckless decision must be held fully accountable. Heads must roll.
The architects of this disaster? Inexperienced junior consultants and recycled former employees of the IMF and World Bank, handpicked to serve as central bank governors and finance ministers. They are either grossly incompetent or actively undermining the Prosperity Party from within — a deliberate conspiracy cloaked in the language of economic liberalization. Clever indeed.
Ethiopia has lost not just birr — it has lost trust, confidence, and stability. The real cost is far greater than 10 billion birr. It’s generational impoverishment and political destabilization. The people deserve answers — and justice.
It’s a fake news, that this government has already repeatedly talked about loss of money? How come? Its only a deliberate attempt by the government to cover up its only & already bankrupted administration. That’s why the report itself emerges from the head of the Bank.
Contrary to public opinion, Eritrea has been the most democratic nation in the region where citizens’ rights were never violated. This legacy will continue with the next leadership from within the family of the current leaders. That is guaranteed.
‘Tribe’ left behind (while pick-pocketing each-other … ) by those who think ‘tribe’ is backward and anicient…..
Link = youtube.com/watch?v=zKrJTidWUwU
Be well.
Did I mention our government use DRONES TO KILL its own people?
WHY?
Well, it is all about ‘VISION’, in our case a ‘narrow’ one at that.
Be well.
When ‘tribes’ thrive & cultures are protected, not excluded or seen as an enemy quarantined, searched and killed by (secretly supported) tribal armed groups… and by their ‘government’ using DRONES.
Link = youtube.com/watch?v=8PglLKxOemg
No wonder they are leaving every bigot (government & groupings including those who claim to be ‘god chosen’) trapped in the old ‘hunter gatherer’ mindset ( in the world behind) in the dust…
Be well.
Did you NOTICE, in China all TRIBES (50+) IDENTIFY WITH only ONE FLAG; the Chinese NATIONAL FLAG that UNITE them ALL.
Even in India where western DIVIDE & RULE had its TENTACLES of colonization DEEP into Indian society for 200 years, Indians with more ethnicity count than Ethiopia has, maintain ONE FLAG across the NATION.
They BEAT tier own DRUM (not the european delusional DIVIDE AND RULE idea, which MI6/CIA puppy TPLF introduced DIVISION and still maintained by PP, plaguing 1991 to current day Ethiopia ) when it comes to their NATION & NATIONHOOD…
Be well.
Sorry, But Ethiopia will never stops her growth economic policy reforms in the long run.
Mr. Lemessa
Economist