Mostaqur Rahman assumes charge as new Bangladesh Bank Governor

Muhammad Mostaqur Rahman has taken office as the new Governor of Bangladesh Bank.

Earlier at 10:00am today (February 26), he arrived at the central bank headquarters, where Deputy Governors and senior officials welcomed him with flowers.

He was appointed by the government for a four-year term on Wednesday, on the condition that he give up all prior professional affiliations.

The order also terminated the remaining tenure of former Governor Dr. Ahsan H. Mansur, who had been appointed on August 13, 2024.

Mostaqur Rahman serves as Managing Director and CEO of export-oriented Hera Sweaters Limited and previously chaired the Bangladesh Bank-related standing committee at BGMEA. His appointment as a businessman, rather than a career economist or central bank official, is considered unprecedented in the bank’s history.

He holds bachelor’s and master’s degrees in accounting from Dhaka University and became a Cost and Management Accountant (CMA) under ICMA Bangladesh in 1992. He has also been associated with REHAB, ATAB, DCCi, and the Chittagong Stock Exchange.

Sources note that his company, Hera Sweaters Limited, is a borrower of a private-sector bank with an outstanding loan of Tk 86 crore, which may involve ongoing rescheduling discussions.

His appointment comes amid ongoing protests by central bank officials.