In his first official act as the 14th Governor of Bangladesh Bank, Md. Mostaqur Rahman has pledged to maintain the economic momentum initiated by his predecessor, Dr. Ahsan H. Mansur, while shifting focus toward industrial revival and job creation.
Briefing reporters on Thursday (February 26) at the Jahangir Alam Conference Room, the central bank’s Executive Director and Spokesperson, Arif Hossain Khan, detailed the new Governor’s vision following a high-level meeting with Deputy Governors and Executive Directors.
A Legacy of Reform
Governor Rahman lauded the outgoing Governor, Dr. Ahsan H. Mansur, for his critical role in pulling the banking sector back from the “brink of collapse.” He expressed his appreciation for the stabilization measures and structural reforms implemented during the interim government’s tenure, confirming that these initiatives would continue under his leadership.
“The Governor praised the efforts to maintain macroeconomic stability and intends to use that foundation to restore full momentum to the economy,” the spokesperson said.
Reviving the Industrial Engine
A central pillar of Governor Rahman’s new roadmap is the reopening of industrial plants that have remained closed over the last 18 months due to political shifts and economic instability.
To achieve this, Bangladesh Bank will offer:
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Policy Support: Tailored regulatory frameworks to help factories resume operations.
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Financial Incentives: Necessary stimulus packages and credit facilities.
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Banking Coordination: Strengthening ties between banks and industries to resolve liquidity and credit issues.
The Governor emphasized that reviving these units is essential for boosting national production and generating much-needed employment.
Inflation and Interest Rates
Addressing the concerns of the general public, the Governor identified inflation control as his top priority. He committed to keeping the prices of essential goods within the reach of common citizens. Furthermore, he noted that current high interest rates are acting as a barrier to new investment. A comprehensive review of the interest rate structure is underway to facilitate a more investor-friendly environment.
Governance and ‘The Mob’
In a bid to modernize the central bank’s operations, Rahman introduced a “Delegation of Authority” policy. This move aims to decentralize decision-making, empowering officials at various levels to speed up administrative processes and ensure a rules-based, non-discriminatory environment.
When questioned about recent “mob-like” protests involving central bank officials during the leadership transition, the spokesperson was firm: “The Governor is committed to establishing institutional good governance. Any official found involved in ‘mob culture’ or activities outside of professional conduct will face disciplinary action in accordance with the bank’s HR policy.”
Md. Mostaqur Rahman, a seasoned professional and the first businessman to lead the central bank, officially assumed his four-year term yesterday, following a period of internal turbulence at the country’s monetary authority.
