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Published : 25 Feb 2026, 04:33 PM
Bangladesh has appointed garment industry entrepreneur Md Mostaqur Rahman as governor of Bangladesh Bank, an unusual political and institutional departure for a post historically held by central bankers, economists or senior civil servants.
The surprise shift comes at a moment when the banking system remains under intense pressure to restore credibility, discipline, and depositor confidence.
The finance ministry announced on Wednesday that Mostaqur, 59, will serve a four-year term from the date he assumes office, subject to severing all professional ties with other institutions and organisations.
His sudden elevation, replacing economist Ahsan H Mansur installed during the interim administration after the 2024 political upheaval, has sent shock waves through the banking and financial sector.
With over three decades of corporate experience spanning garments, brokerage, and real estate, Mostaqur now inherits the daunting task of restoring trust, steering reforms, and managing the nation’s monetary course.
Mostaqur recently served as a member of the BNP’s electioneering committee.
Ahsan had been appointed governor by the interim government on Aug 14, 2024 after the fall of the Awami League government, and initiated banking reforms.
His term was cut short after one and a half years, with the latest move cancelling the remaining tenure.
Mostaqur, born in Dhaka in 1966 and hailing from Jampur Union, Sonargaon, Narayanganj, is managing director and CEO of Hera Sweater Garments.
His elder brother Md Mostafizur Rahman Mamun was a senior vice-president of local BNP in his hometown. Mostaqur completed his undergraduate and postgraduate studies in accounting at Dhaka University, followed by an FCMA from the Institute of Cost and Management Accountants of Bangladesh (ICMAB).
He has over 30 years’ experience in corporate finance, export, institutional governance, and financial management.
Though he did not lead any business organisation, he held memberships in several professional bodies.
Since July 2025, he served as chairman of the BGMEA’s Bangladesh Bank Standing Committee. Between 1998 and 2000, he was a board member of Chittagong Stock Exchange, representing MRM Securities, which later became UCB Brokerage House.
He is also affiliated with REHAB, the Dhaka Chamber of Commerce and Industry (DCC&I), and the Association of Travel Agents of Bangladesh (ATAB).
After he was appointed governor, his name surfaced on social media in connection with a defaulted loan.
Hera Sweaters, under his management, had failed to repay a Tk 860 million loan from Mutual Trust Bank (MTB) on schedule.
Sources told bdnews24.com that in December, ahead of the parliamentary elections, the loan was rescheduled with a one-time 2 percent payment.
A senior Bangladesh Bank official explained that in September 2025, the central bank issued a circular providing policy support for rescheduling, which Mostaqur utilised.
By November, the circular’s conditions were further eased. On Feb 22, 2026, the bank allowed a one-time payment of 1 percent, with an additional 1 percent payable within six months.
MTB confirmed that the rescheduling aligned with export cash flows and Bangladesh Bank’s policy support, enabling Hera Sweaters to resume operations.
The appointment is likely to be read as both a symbolic and substantive shift. Symbolically, it breaks with precedent by elevating a businessman rather than a technocrat.
Substantively, it hands stewardship of monetary policy and banking oversight to a figure whose career has been rooted in export manufacturing, corporate finance and industry lobbying rather than central banking.
That makes his tenure a test not only of policy direction, but of whether commercial experience can translate into regulatory authority.
