So far the new Monetary Policy Committee (MPC) of the Mamo Mihretu-led NBE has seen little need for policy changes holding the policy ‘national bank rate' (NBR) at 15% at its March meeting and leaving existing central bank lending rates and banks' reserve requirements in place...
Mamo Mihretu governor of the National Bank of Ethiopia since January 2023 has been robustly defending his devaluation of the birr and monetary policy reforms (AC Vol 65 No 16 Central bank floats birr to secure IMF deal)...
He is now Deputy Prime Minister and second deputy president of the Prosperity Party Mamo Mihretu governor of the National Bank of Ethiopia since 2023...
But Abiy finance minister Ahmed Shide and National Bank of Ethiopia (NBE) governor Mamo Mihretu have presided over higher fiscal and current account deficits almost 30% inflation a vastly overvalued currency depleted foreign exchange reserves and shortages hitting businesses and a new debt crisis...
We hear the newish governor of the National Bank of Ethiopia and former World Bank official Mamo Mihretu may be planning to liberalise foreign exchange controls if not pursue a wholehearted float of the birr...