Bangladesh Bank Governor Ahsan H Mansur has earned a “C+” grade in Global Finance magazine’s 2025 Central Banker Report Cards, an improvement over the “D” awarded to his predecessor, Abdur Rouf Talukder, in 2023. The rankings assess central bank governors globally based on their performance in key areas such as inflation control, economic growth, currency stability, interest rate management, and political independence.
The report, released on 15 October 2025, evaluates central bank chiefs on a scale from “A+” to “F,” with Mansur’s performance assessed for the period from July 2024 to June 2025. The magazine noted that Mansur took office in August 2024 during a challenging period of political instability in Bangladesh, following the flight of then-Prime Minister Sheikh Hasina to neighbouring India amidst allegations of corruption and human rights abuses.
Steps Taken to Stabilise the Economy
In his first months as governor, Mansur focused on stabilising Bangladesh’s financial system, addressing inflation, and restoring confidence in the economy. Global Finance highlighted that Mansur’s initial action after taking office was to raise the overnight repo policy rate by 50 basis points to 9%. This was followed by further rate hikes, bringing the rate to 10% by October 2024.
“At the time of the first tightening, inflation was high at 10.5%. However, it has since moderated, with the inflation rate falling to 8.55% in July, supporting the need for monetary tightening,” the report stated. Mansur has forecast that inflation will ease to 5% by the end of the year.
Despite the moderating inflation, Mansur resisted calls to ease interest rates to boost economic growth. The Asian Development Bank has estimated Bangladesh’s GDP growth at 3.9% for the fiscal year ending June 2025, a significant decline compared to the country’s annual growth rate of 6.4% between 2010 and 2020. Mansur’s stance reflects his focus on controlling inflation over stimulating growth.
Efforts to Reform Bangladesh’s Financial System
In addition to monetary policy, Global Finance praised Mansur’s efforts to restructure Bangladesh’s financial system, which has been facing significant challenges. The magazine noted that Mansur developed a three-year reform roadmap for the banking sector, with support from the International Monetary Fund (IMF). The reform plan includes banking system consolidation, resolution of non-performing loans (NPLs), and an overhaul of bankruptcy and restructuring legislation.
Global Finance expressed optimism that these reforms could restore the rapid economic growth that Bangladesh has experienced in recent decades. “Perhaps this will help bring the heady days of nonstop growth back to Bangladesh again,” the report said.
Regional Comparisons and Global Context
In the broader South Asian context, Sri Lanka’s central bank governor, Nandalal Weerasinghe, received the highest regional grade of “A” for his successful efforts in steering Sri Lanka out of bankruptcy and hyperinflation. Pakistan’s Jameel Ahmad was awarded a “B-“, while India’s Sanjay Malhotra and Nepal’s Biswo Nath Poudel were marked as “TETS” (Too Early To Say), indicating that it was too soon to assess their performance.
On the global stage, the central bank governors of Denmark, the United States, and Vietnam topped the list with “A+” grades, recognising their effective leadership during challenging times.
Mansur’s Improving Position
In the 2024 edition of the report, Mansur had been marked as “TETS” due to the political unrest and economic turmoil in Bangladesh following Prime Minister Hasina’s flight from the country. This turmoil had led to a sharp increase in inflation, which reached 11.66% in July 2024, alongside rapidly depleting foreign exchange reserves. Mansur had announced plans to hike the benchmark rate to 9%, with further rate increases expected.
As part of his efforts to stabilise the economy, Mansur also initiated negotiations with the IMF, which agreed to supplement Bangladesh’s $4.7 billion bailout programme, agreed upon in January 2023, with an additional $3 billion.
Conclusion
Ahsan H Mansur’s higher grade in the 2025 Central Banker Report Cards reflects his steady leadership during a period of economic and political uncertainty. His early decisions on interest rates, combined with his efforts to reform Bangladesh’s financial system, have been pivotal in stabilising the country’s economy. While the challenges remain significant, Mansur’s actions appear to be moving Bangladesh in the right direction as it recovers from a period of national strife.