Home
+
Published : 26 Feb 2026, 04:32 AM
The volatile atmosphere that has gripped Bangladesh Bank since Feb 16 -- erupting just as the Bangladesh Nationalist Party (BNP) prepared to form a government following their landslide victory in the parliamentary elections -- finally reached a dramatic conclusion on Tuesday.
The interim tenure of the sitting governor was abruptly terminated, replaced by a fresh appointment that has sent shockwaves through the financial sector.
For the first time in the nation’s history, a businessman has been chosen to lead the central bank.
This unprecedented move has left central bank officials questioning whether the leadership change was a pre-planned government strategy or a direct concession to the recent staff protests.
While the full picture remains blurred, it is clear that the final working days for the outgoing Governor Ahsan H Mansur were fraught with hostility.
Notably, none of the last four governors - three of whom were appointed during the Awami League’s tenure - have been able to complete their terms or depart under normal circumstances.
A Morning of Defiance
The day began with escalated tensions following a decision by the bank’s Human Resources Department to summarily transfer three senior officials to posts outside of Dhaka.
The list included the president and general secretary of the Bangladesh Bank Officers' Welfare Council, Dhaka.
In response, the association launched a protest at 11am, hanging banners outside the 30-storey head office.
By midday, a massive crowd of officials gathered, branding the governor an "autocrat” and demanding the withdrawal of the transfer orders.
The protesters also called for his immediate resignation.
They threatened a total "pen-down" strike starting Thursday if their demands were not met.
The three officials who had been transferred attended the protest meeting.
Although they were instructed to join their new posts by Wednesday, they did not comply.
Mansur’s Final Stand
Amidst the protests, Mansur called a sudden media briefing at 1pm at the Bangladesh Bank.
He struck a defiant tone: "A vested quarter is spreading propaganda against our efforts to merge banks and recover weak financial institutions. Certain officials are part of this conspiracy."
He clarified that administrative action and "show-cause" notices were issued to those who questioned government policy on social media, asserting that discipline is non-negotiable for the institution's survival.
Asked about the resignation demands, he said: "Resignation is not the issue. I didn't come here for a career; I came to serve.
“It wouldn't take two seconds to resign if needed, but we will follow the administrative process."
He noted that the merger of five out of seven banks was a matter of "political economy" intended to protect the interests of 7.6 million depositors, not a matter for staff associations to decide.
At 2pm, Mansur left the bank premises under heavy security.
At that moment, most staff were unaware that just one kilometre away at the Secretariat, his successor was already being finalised.
By 4pm, the BNP government, led by Tarique Rahman, officially appointed eminent businessman Md Mostaqur Rahman as the new governor.
After the mass uprising that toppled the Awami League government, the interim government appointed economist Mansur as governor on Aug 14, 2024.
Bangladesh Bank rules were amended to increase his age limit for the appointment.
He began reforms in the banking sector, merging five struggling banks into the state-owned Islami Bank.
By the time he left, reserves had surpassed $35 billion, equivalent to $20.48 billion under the International Monetary Fund’s (IMF) BPM6 manual.
When he assumed office 18 months and 12 days earlier, reserves were $20.48 billion (BPM6) and $25.62 billion gross.
During his tenure, $10.48 billion was added to reserves, and all foreign trade indicators shifted from negative to positive.
New Governor’s Profile and “Default” Controversy
Mostaqur is a well-known figure in the garment export sector and a former board member of the Chittagong Stock Exchange (1998–2000).
He has served as the chairman of the BGMEA Standing Committee on Bangladesh Bank matters since July 2025.
His appointment, however, has raised eyebrows due to his financial history.
The Mutual Trust Bank (MTB) restructured a defaulted loan of Tk 860 million belonging to his garment factory approximately two months ago.
The debt held by Hera Sweaters Limited was renewed under the central bank's policy guidelines after a 2 percent down payment was made.
The restructuring took place last December, coinciding with the announcement of the election schedule.
Mostaqur has experience in stock brokerage and real estate.
He served on BNP’s election committee for the parliamentary elections and became active in bank-related policy from July 2025.
Finance Minister Amir Khosru Mahmud Chowdhury said the change was pre-planned to align the governor with BNP’s priorities.
He said, “A new government has come. Naturally, it has its priorities.
“Changes are happening not only at Bangladesh Bank but elsewhere as needed to implement the government’s programme.”
Shifts in Policy: Interest Rates
In his first reaction to bdnews24.com, the new governor identified "trust building" in the banking sector as his primary goal.
"There are challenges in the banking sector. My main task will be restoring discipline and trust.
“I also intend to work on bringing down interest rates."
This aligns with recent demands from BGMEA leaders who met with the outgoing governor just a day prior to lobbying for cheaper credit.
The Spark: Digital Bank Allegations
The roots of this unrest trace back to Feb 16, when the Officers’ Welfare Council alleged that the bank was rushing the approval of digital bank licences to benefit specific groups just as the new government was forming.
They labelled the process unprofessional and "autocratic”, claiming they only felt safe enough to speak out following the "Aug 5 mass uprising" that toppled the Awami League regime.
