Mamo Esmelelaem Mihretu, the Governor of the National Bank of Ethiopia (NBE), has resigned after more than two and a half years in office.

During his tenure, Governor Mamo led a period of significant financial reform, implementing essential macroeconomic policies and revising key banking legislation, including the new NBE establishment and banking business proclamations.

Financial experts suggest that his resignation may be connected to the recently enacted NBE proclamation, which formally establishes the central bank’s independence from the executive branch. This shift towards autonomy aligns with ongoing recommendations from the International Monetary Fund (IMF).

Efforts to reach Mamo, who is also a member of parliament, for comment were unsuccessful.