DHAKA – In a move that has sent shockwaves through the nation’s financial and political circles, the Government of Bangladesh has appointed Md Mostaqur Rahman, a prominent garment exporter and real estate entrepreneur, as the 14th Governor of Bangladesh Bank.The appointment, announced on February 25, 2026, marks the first time in the history of the 54-year-old institution that a career businessman with no prior professional banking or central bank experience has been chosen to lead the nation’s monetary authority.A Controversial Shift in LeadershipRahman, the Managing Director of Hera Sweaters, succeeds renowned economist and former IMF official Dr. Ahsan H. Mansur. Mansur’s removal followed a period of intense internal turmoil, including a “pen-down” strike by central bank officials who accused him of “autocratic behavior.”While the government frames the move as an effort to inject “investment-driven growth” into a fragile economy, critics and civil society groups have expressed deep alarm.Key Concerns Raised
- Conflict of Interest: Transparency International Bangladesh (TIB) has been vocal in its criticism, questioning how an entrepreneur with deep ties to the garment and real estate sectors can impartially regulate the very industries he belongs to.
- Borrower vs. Regulator: In a scathing statement, TIB Executive Director Dr. Iftekharuzzaman noted that Rahman’s experience with the banking sector has primarily been as a “borrower and a loan defaulter” who benefitted from special loan rescheduling.
- Institutional Independence: Experts fear the appointment risks turning the central bank into an instrument of business lobbies, potentially compromising inflation control and the management of non-performing loans (NPLs).
The Governor’s First Words
Upon assuming office today, February 26, Rahman addressed senior officials, emphasizing a shift in focus.
“Our responsibility is to maintain macroeconomic stability and move towards investment-driven growth so that employment opportunities can be created,” Rahman stated, adding that he intends to review high interest rates and reopen closed factories.
At a Glance: The New GovernorFeatureDetailsNameMd Mostaqur Rahman, FCMAPrimary ProfessionBusinessman (Garments & Real Estate)Key RolesMD of Hera Sweaters; Member of BGMEA & REHABEducationMasters in Accounting (University of Dhaka); Cost & Management AccountantPredecessorDr. Ahsan H. Mansur (Economist)The financial sector now watches closely to see if Rahman can navigate the complex waters of monetary policy or if the “unprecedented” nature of his appointment will further destabilize an already volatile economy.
