A day of extraordinary upheaval unfolded at Bangladesh Bank on Wednesday, as protests by officers culminated in the abrupt departure of the Governor, whose contractual appointment was terminated amid mounting tensions.
The unrest stemmed from events earlier in the month. On 16 February, the Bangladesh Bank Officers’ Welfare Council convened a press conference sharply criticising an emergency board meeting called by the Governor on the eve of the newly elected government’s swearing-in. The council described the meeting—reportedly linked to digital banking licences and other regulatory matters—as “desperate and undemocratic”, alleging it breached administrative norms during a sensitive political transition.
Although the controversial board meeting concluded without resolution, relations within the institution deteriorated rapidly. On 23 February, the Governor issued show-cause notices to three council leaders for holding the press briefing without prior authorisation, directing them to respond within ten days. The following day, the three officials were transferred outside Dhaka, a move that further inflamed discontent among staff.
By Wednesday morning, officers and employees across multiple tiers of the central bank gathered at its Motijheel headquarters to demand withdrawal of the notices and transfer orders. Demonstrators characterised the Governor’s actions as autocratic and warned of a pen-down strike beginning Thursday unless their demands were met, including his resignation. Additional police were deployed around the premises as tensions escalated.
In an emergency press conference, the Governor defended his decisions, asserting that certain officials were acting under the influence of vested interests and circulating misinformation, particularly concerning bank mergers. He insisted that all employees must adhere strictly to institutional service rules and warned that actions outside official policy would invite disciplinary measures.
“I have not resigned,” he told reporters shortly before leaving the building under tight security. “But I have learned through media reports that I have been removed. Therefore, I am leaving.”
Within an hour of his exit, a contractual adviser to the Governor was also compelled to vacate his office following protesters’ demands to annul contractual appointments within the regulator.
Later in the day, the central bank announced a reshuffle involving five officials, including the Governor’s personal secretary and a director from the Banking Regulation and Policy Department, who were reassigned to offices in Sadarghat and Motijheel.
Timeline of Key Events
| Date | Event | Outcome |
|---|---|---|
| 16 February | Officers’ council criticises emergency board meeting | Meeting ends without decision |
| 23 February | Show-cause notices issued to three leaders | Ten-day response deadline set |
| 24 February | Three officials transferred outside Dhaka | Staff dissatisfaction intensifies |
| Wednesday | Protest rally at headquarters | Governor departs; contract terminated |
| Same day | Internal reshuffle of five officials | Administrative restructuring begins |
The episode marks one of the most turbulent chapters in the recent history of the country’s banking regulator, raising questions about governance, internal discipline, and the delicate balance between administrative authority and institutional consensus at a time of political transition.