In a brazen display of disregard for transparency and institutional integrity, the interim government led by Dr. Muhammad Yunus attempted a rushed approval of digital bank licenses just one day before handing over power to the newly elected administration following the election on February 12.
This eleventh-hour manoeuvre at Bangladesh Bank sparked fierce protests and accusations of favouritism, ultimately forcing the central bank to suspend the process. Critics argue that this move exemplifies the Yunus regime’s pattern of hasty, self-serving decisions that have plagued Bangladesh’s economy during its 18-month tenure, leaving behind a legacy of unaddressed crises and failed reforms.
Protests Erupt Over Alleged Conflicts Of Interest
On the morning of February 16, the Bangladesh Bank Officers’ Welfare Council held a press conference to vehemently oppose the emergency board meeting called with only one day’s notice. The council accused the Yunus-appointed Governor Ahsan H. Mansur of pushing the agenda to benefit a specific group, pointing to his past role as chairman of a bank linked to that faction.
They highlighted how unqualified individuals, allegedly close to the governor, were involved in advisory and policy roles without proper board approval, including unauthorised access to critical meetings and card issuance.
This condemnable rush, occurring amid the swearing-in of new parliamentarians and government formation, undermines the central bank’s professionalism and raises fears of monopolistic control in the banking sector.
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The council demanded a thorough, transparent review, arguing that such major policy decisions in a transitional political period violate laws and norms. Their stance echoes broader criticisms of the Yunus regime for prioritising cronyism over public interest, especially as the economy grapples with a staggering 36% non-performing loan rate and banks struggling to return depositors’ funds.
In response to the outcry, the afternoon’s emergency board meeting, chaired by Governor Mansur, saw a last-minute agenda change. Instead of granting approvals, only progress reports on applicant scores were presented, with no final decisions made, as confirmed by Bangladesh Bank’s spokesperson Arif Hossain Khan. However, the regime’s attempt to ram through licenses for 13 applicantsโincluding entities like British Bangla Digital Bank PLC, Digital Banking of Bhutan, and bKash Digital Bankโhas been widely decried as an abuse of power.
Regime’s Retaliatory Clampdown On Dissent
Adding fuel to the fire, Bangladesh Bank issued an office order later that afternoon, prohibiting employees from making statements on bank policies without approval, whether in personal settings, informal meetings, or press conferences. This gag order is seen as a desperate attempt by the outgoing Yunus administration to silence internal critics, further exposing its authoritarian tendencies amid mounting scrutiny.
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Economic Failures Under Yunus
The digital bank fiasco is just the latest in a string of blunders by the Yunus regime, which assumed power after the July mass uprising in a “fragile” economic state marked by high inflation, dollar shortages, banking instability, and investment stagnation. After 18 months, business leaders and economists condemn the government for failing to restore momentum, despite preventing a total collapse.
Dhaka Chamber of Commerce and Industry’s former president, Rizwan Rahman, lamented that while the regime managed basic stabilisation, it utterly failed to revive growth, prioritising its own agendas over public welfare.
Inflation, which stood at 11.66% when Yunus took over, has only marginally dropped to 8.49% by December 2025, despite contractionary monetary policies like halting new currency printing and hiking interest rates. Economists like CPD’s distinguished fellow Professor Mustafizur Rahman criticise this as inadequate, noting that prolonged tight policies have not effectively curbed inflation, leaving it at alarmingly high levels compared to neighbours like India (1.33%) and Sri Lanka (2.30%).
The regime’s inability to dismantle market syndicates and extortion has kept essential commodity pricesโsuch as potatoes, onions, and edible oilโsoaring, exacerbating public hardship.
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Wage growth, at a mere 8.08% in January 2026, has lagged behind inflation for 48 consecutive months, eroding real incomes and pushing poverty rates upward. The World Bank estimates poverty has risen from 18.7% in 2022 to over 21%, while local think tank PPRC pegs it at 27.93%. Analysts decry this reversal of Bangladesh’s poverty reduction progress as a direct result of the Yunus government’s mismanagement.
In the banking sector, non-performing loans have ballooned to over 6 lakh crore takaโmore than 33% of total loansโdespite some superficial reforms like dissolving boards of controversial banks and merging five weak Islamic banks. The regime’s failure to pass a new Bangladesh Bank Act, amid passing unnecessary laws, is highlighted as a missed opportunity, with political pressures absent yet inaction prevailing.
Investment has stagnated due to high interest rates, political uncertainty, and weak law and order, leading to no new job creation and rising unemployment. Rizwan Rahman accused the government of neglecting local investors in favour of foreign photo-ops, such as meetings with international entities that yielded little substance.
Foreign reserves offer a rare positive note, rising from under $15 billion in August 2024 to over $32 billion, largely due to increased remittances. However, efforts to recover laundered assetsโestimated at $234 billion under the previous governmentโremain mostly talk, with only Tk66,000 crore frozen and recovery expected to take 4-5 years. External debt exceeds $113 billion, posing future repayment pressures as grace periods end.
ADP Implementation Lowest On Record
The pace of government development projects under the Annual Development Programme (ADP) has slowed sharply in the first seven months of the current fiscal year (JulyโJanuary), with only 21.18% of the total allocation implementedโthe lowest on record.
Data released on February 16 by the Implementation Monitoring and Evaluation Division (IMED) shows that Tk50,556.29 crore has been spent on ADP projects during this period. While significant, the figure represents just a fraction of the total ADP allocation of Tk2,38,695.64 crore, including funds from autonomous organisations. In comparison, the implementation rate for the same period last fiscal year was 21.52%, and over 27% in FY2023โ24 and FY2022โ23.ย
Even in FY2024โ25, when political unrest and administrative instability affected operations, ADP implementation during JulyโJanuary was higher than in the current fiscal year.
A Condemnable Exit
As the Yunus regime departs, it leaves an economy stabilised but not revitalised, with persistent high inflation, poverty, banking woes, and investment paralysis. The hasty digital bank push epitomises its criticised approach: rushed actions amid severe economic critiques, prioritising select interests over national stability.
The incoming government faces daunting tasksโcontrolling inflation to 7%, reducing poverty, boosting investment, and reforming marketsโwhile undoing the damage from this interim period’s failures. Economists urge swift, transparent actions to restore public trust and economic vitality, warning that the Yunus era’s shortcomings could haunt Bangladesh for years if not addressed decisively.
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