The BNP-led government under Prime Minister Tarique Rahman has once again shown its swift, decisive, and uncompromising approach to prioritising national interests and cleaning up institutions by immediately removing controversial Bangladesh Bank Governor Dr. Ahsan H. Mansurโonly days after explosive allegations of irregularities, autocratic conduct, and lack of transparency surfaced.
Barely a week after assuming power following the February 12 elections, the administration acted without delay on growing complaints from inside the central bank. Senior officials, led by Bangladesh Bank Officers Welfare Council president A.K.M. Masum Billah, publicly condemned Mansurโs high-handed and dictatorial style. They accused him of forcing through questionable decisions, including the purchase of an overpriced luxury Toyota Alphard vehicle (Tk2.08 crore, exceeding government limits), opaque handling of medicine supplies at the medical centre, secretive injection of Tk22,500 crore in newly printed notes into troubled banks with minimal disclosure, and suspicious approvals of large loans and digital bank licenses without adequate oversight or government approval.
These serious chargesโspread through viral Facebook posts and supported by staff protestsโportrayed a governor more focused on personal whims and secrecy than on institutional integrity, leading to internal chaos, punitive transfers of dissenting officers, and deep distrust across the already fragile banking sector.
In a clear demonstration of responsiveness and resolve, the government refused to protect or delay action against this holdover from the previous Yunus interim regime.
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On Wednesday, the Finance Ministryโs Financial Institutions Division issued rapid gazette notifications: one immediately cancelling the remaining portion of Mansurโs four-year term (originally due to continue until 2028) โin the public interest,โ and another appointing Md. Mostaqur Rahmanโa seasoned financial governance specialist and entrepreneurโas the new governor for a fresh four-year term.
Minister Defends Move As Standard Practice
Finance Minister Amir Khasru Mahmud Chowdhury described the change as a completely normal and necessary procedure for any new government.
โA new government has come. Priorities exist. Changes are happening not just at Bangladesh Bank but across many placesโitโs normal and will continue where needed,โ he stated.
He stressed that new administrations must align key institutions with their own policies, programs, and reform vision, and that such adjustments ensure the BNPโs agenda is implemented effectively without resistance from bureaucratic holdovers or outdated appointees.
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This prompt action sharply contrasts with the delays, inertia, and cover-ups seen under previous regimes. By decisively removing Mansur amid legitimate public and internal outcry and installing new leadership, the BNP government has sent a powerful signal: no one is untouchable, and critical reforms will not be obstructed by problematic figures.
However, the appointment of Mostaqur Rahman has drawn criticism for reflecting the governmentโs ongoing pattern of favouritism and nepotism in key postings.
Mass Transfers
In a parallel major reshuffle, Bangladesh Bank transferred five officials at once, including four directors and one additional director.
The order was issued on Wednesday by the bankโs Human Resources Department-1 (HRD-1) and took immediate effect.
The transfers include:
– Md. Bayezid Sarkar (Director, Banking Regulation and Policy Department-1) was assigned as Officer-in-Charge Executive Director (Currency) at the Motijheel office.
– Gazi Md. Mahfuzul Islam (Officer-in-Charge, Executive Director (Currency), Motijheel) transferred to the Banking Regulation and Policy Department-1.
– Md. Zabdul Islam (Human Resources Department-1) moved to the Financial Institutions Inspection Department.
– Md. Shahid Reza (Financial Institutions Department) transferred to the Human Resources Department-1.
– Md. Kamrul Islam (Additional Director, Governorโs Office) transferred to the Sadarghat office.
The directive explicitly stated that all orders were effective immediately.
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Mob Attack On Governorโs Adviser
Rumours of an impending new governor appointment triggered unrest at the Bangladesh Bank on Wednesday. After outgoing Governor Dr. Ahsan H. Mansur left the office following a press conference, tension escalated inside the building. Officers then forcibly expelled the governorโs adviser, Ahsan Ullah, from the premises.
The incident took place around noon. Sources reported that once news of the governorโs departure spread, leaders of the Bangladesh Bank Officers Welfare Councilโwho were presentโvoiced strong anger. They eventually ordered Ahsan Ullah to leave his room. As the atmosphere grew heated, he was seen hurriedly leaving the building.
Eyewitnesses said that while the adviser was entering his car, one person tried to rush toward him aggressively. Other officers present intervened to restrain the individual, who was also seen pointing fingers and issuing threats in a hostile manner.
Ahsan Ullah, a former executive director, had been appointed as an adviser on a one-year contract in January of the previous year. His primary responsibility was to support the governor in carrying out ongoing banking sector reforms.
Extra security measures were reportedly put in place afterwards to restore normalcy inside the central bank.
Seven Serious Allegations Against Ahsan H. Mansur
The Bangladesh Bank Officers Welfare Council has formally accused former Governor Ahsan H. Mansur of multiple instances of administrative irregularities, financial rule violations, and conflicts of interestโactions they say severely undermine the central bankโs prestige and governance standards.
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In a letter to the governor, the council listed seven specific allegations and demanded the formation of a high-powered, impartial investigation committee drawn from members of the Board of Directors.
BFIU Money Laundering Allegations
The governor allegedly directed regular sharing of sensitive frozen account information from the secretariat to the Bangladesh Financial Intelligence Unit (BFIU). Despite no provision for storing such data in the governorโs office, it is claimed the information was leaked to a syndicate via family members and the private secretary. In return, monetary dealings allegedly took place to reactivate frozen accounts, violating the Money Laundering Prevention Act.
Irregularities in Luxury Vehicle Purchase
A luxury Toyota Alphard worth nearly Tk2 crore was bought in violation of government austerity measures and the eight-year vehicle replacement rule. An existing operational vehicle was already available for the governor, yet proper public procurement rules (PPR) were bypassed and state-owned Pragati Industries was ignored.
Allegations Of Using Four Vehicles
While the governorโs contract permits only two vehicles, four vehicles are allegedly under family control, with fuel and maintenance expenditures exceeding approved limits.
Withdrawal Of PS Allowance
An additional director serving as the governorโs private secretary receives a Tk50,000 monthly car maintenance allowance, despite using an official vehicleโan unauthorised financial perk.
Conflict Of Interest In Digital Bank Licenses
Due to prior business connections, the governor allegedly rushed to award digital bank licenses to a particular group, disregarding single-group ownership restrictions under the Bank Companies Act. The process was halted only after objections from officers during board meetings.
Misuse Of Medical Facilities
Despite sufficient stock at the bankโs medical centre, fake โno-stockโ slips were used to buy medicines externally and withdraw funds via fabricated bills.
Questions on CSR Fund Usage
Donations from the central bankโs CSR fund to Nilphamari Government High School, Chuadangaโs Khalil-Malik Foundation, and a girlsโ school in Tangail lacked transparency and violated policy guidelines. Personal connections in these grants are cited as clear conflicts of interest.
Demand For Investigation
The council emphasised that these allegations tarnish the central bankโs image and insisted on a robust, independent probe committee involving board members.
Since assuming office on August 14, 2024, Dr. Mansur had been active in restoring discipline, controlling non-performing loans, strengthening supervision, and driving policy reforms. He took tough positions on restructuring weak banks, replacing boards, and enhancing internal monitoringโearning praise from reform advocates but resentment from sections of the banking industry.
He was the founder director and executive director of the Policy Research Institute of Bangladesh before joining the central bank.
Recently, officers branded him โautocratic,โ leading to show-cause notices against three staff members and several transfersโmoves that fueled intense debate in banking circles. The governorโs removal came shortly after.
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