Borkena
Toronto – A day after Mamo Mihretu, National Bank Governor, shared a letter announcing that he is leaving the public service “to pursue other passions and other challenges,” new information emerged on social media painting a different picture.
According to Social Media Sources, the governor was removed from his position with a two line dismissal letter from Prime Minister Abiy Ahmed. No reason is specified in the letter.
“Thanking you for your contribution as governor of the National Bank of Ethiopia as of Tir 10, 2015 [January 18, 2023] , I inform you that you are removed from your position starting Nehasie 28, 2017 [September 3, 2025],” the letter reads.
The letter Mamo shared on his social media page implied that he resigned for a reason specified above.
His resignation came about a year after the introduction of a new macro-economic policy, and he has been on the forefront when it comes to its implementation.
Depreciation of the Ethiopian birr against U.S dollar and other currencies negatively impacted Ethiopian who were saving cash. When the market based forex regime was introduced in July 2024, US$1 was exchanging at a rate of 57 Ethiopian birr. Currently, it is selling for 145 Ethiopian birr.
Mamo stated in his letter that he was proud of the work he and his team undertook over the past one year.
Analysts tend to think that his removal is evidence that the economic reform is a failure.
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