First Businessman Appointed as Governor Amidst Central Bank Chaos

The tenure of Ahsan H. Mansur as the Governor of Bangladesh Bank reached a turbulent conclusion today, marked by unprecedented scenes of internal unrest, administrative upheaval, and the historic appointment of a businessman to the nation’s top monetary post. In a day defined by high-stakes drama, the government cancelled the appointment of the incumbent and named Mo. Mostakur Rahman, a prominent businessman and accountant, as the new Governor—the first time in the nation’s history that a representative from the private business sector has been chosen to lead the central bank.

A Day of Protest and Escalation

The atmosphere within the central bank remained electric throughout the day as hundreds of officials, led by the Bangladesh Bank Officers’ Welfare Council, gathered to protest what they described as the “autocratic” governance of Ahsan H. Mansur. The demonstration followed the controversial show-cause notices and the transfer of three high-ranking officials who had publicly criticised recent policy shifts.

Protesters, including Director and Assistant Spokesperson Shahrier Siddiqui, accused the outgoing Governor of demoralising staff and undermining the institution’s autonomy. “We sought autonomy but received autocracy,” Siddiqui remarked, adding that the Governor had filled the bank with contractual consultants while failing to implement effective economic policies. The Council threatened a complete work stoppage (a “pen-down” strike) starting Thursday if their demands for the withdrawal of punitive measures were not met.

The Final Stand of Ahsan H. Mansur

Shortly before his exit, Ahsan H. Mansur held a press conference to defend his record and the necessity of institutional discipline. He dismissed the protests as the work of “vested interests” aiming to destabilise the financial sector.

Addressing the controversy surrounding the emergency liquidity support provided to struggling banks, Mansur argued that without such intervention, depositors would have lost their life savings. “It takes me only two seconds to resign,” he told reporters, “but I came here to serve the nation during a crisis.” He warned that a “conspiratorial circle” was attempting to return banks to the hands of “looter” owners who had previously crippled the sector.

Key Transitions at Bangladesh Bank

Chaos and the “Mob” Exit

The transition of power took a physical turn following the official announcement of the new appointment. While Mr Mansur was seen off by some officials, his Advisor, Ahsan Ullah, was not afforded the same courtesy.

In a display of hostility described by witnesses as “mob-like,” a group of approximately 30 bank officials surrounded the Advisor. Led by Additional Director Touhidul Islam and several Executive Directors, the crowd reportedly jostled and heckled Mr Ullah, eventually forcing him into his vehicle under duress. The incident highlighted the deep-seated animosity and the breakdown of professional decorum within the country’s regulatory heartbeat.

Expert Reaction and Market Sentiment

The sudden change in leadership has sent ripples through the financial community. Dr Salehuddin Ahmed, a former Finance Advisor and former Governor, expressed concern over the timing of the move. While acknowledging that the government has the right to alter its strategy, he noted that Ahsan H. Mansur was a respected economist who had made significant strides in bank mergers and structural reforms.

“The Governor’s post is highly sensitive; it requires maintaining the confidence of international donors and managing complex monetary policies,” Dr Ahmed remarked. The appointment of a businessman to a role traditionally held by economists or career bureaucrats marks a radical shift in Bangladesh’s financial governance, leaving many to wonder how the market and international lenders will react to this departure from tradition.