The appointment of a new Central Bank Governor in Bangladesh has sparked a major controversy. The opposition alleges that Tarique Rahman’s government has appointed a defaulter businessman as Central Bank Governor. Tarique Rahman is the incumbent Prime Minister of Bangladesh since since 17 February 2026.
The appointment of Mostaqur Rahman as the new governor of the Bangladesh Bank has sparked a political firestorm. Jamaat-e-Islami chief and opposition leader Shafiqur Rahman said the decision was taken at the behest of the prime minister and this decision is totally unacceptable. This has raised an important question – Has present Governor of central bank of Bangladesh been removed by the Prime Minister?
The replaced governor Ahsan Habib Mansoor was appointed governor in 2024 for a four-year term until August 2028, but his term ended in less than 18 months.
The dismissal of Ahsan Habib Mansoor has surprised many in the country. He has 27 years of experience and has worked at institutions like the International Monetary Fund (IMF). He was appointed to the position at a time of economic instability following the ouster of Sheikh Hasina and her Awami League government in 2024.
When he assumed office, foreign exchange reserves stood at $26 billion. By the time he left office, this had risen to $35 billion. He fixed the taka at 122.20 per dollar and adopted policies to reduce inflation from 10.49% in 2024 to 8.58% in January 2026.
Why is Appointment of Mostaqur Rahman Controversial?
The appointment of Mostaqur Rahman is being considered unique because till now the central bank governor in Bangladesh has usually been an experienced banker, economist or senior civil servant.
Mostaqur is a cost and management accountant and garment businessman. He is the managing director of Hera Sweaters Limited and was also involved with the central election steering committee of Tarique Rahman’s BNP party in the recent elections.
His appointment is being questioned due to past debt repayment issues of his company. BD News24 reported that his company had defaulted on a loan of 86 crore taka.
A bank official said that how can a person who gets the loan restructured on special conditions for his own company protect the interests of the country’s banking system.
Critics also said appointing an active businessman as central bank governor sends a wrong message and raises the possibility of conflict of interest.
Following Mostaqur’s appointment, opposition leader Shafiqur Rahman wrote on Facebook that what was happening at Bangladesh Bank was unfortunate and completely unacceptable. He said no one had the right to insult respected figures like the governor and his advisers in this manner.
He warned that when the country’s economy is already grappling with several problems, such action in an important institution like Bangladesh Bank would ruin the remaining economy as well.
He appealed to all political parties and all sectors of society to protest, saying that if the government truly wants to build a democratic and discrimination-free Bangladesh, such activities must cease immediately. Appointments to important positions should be based on merit, not political allegiance.
