A day of drama, chaos at cenbank
Officials familiar with the institution said such open dissent within the central bank has no known precedent in its history
A rare and dramatic confrontation unfolded at Bangladesh Bank yesterday, as a simmering internal revolt erupted into open defiance, forcing the governor, Ahsan H Mansur, to exit the building even before his replacement was officially announced.
While Mansur was inside the headquarters, a group of officials gathered outside the main building in protest, accusing him of "autocratic" actions. By the afternoon, unverified reports of a new governor being appointed had added to the sense of uncertainty surrounding the central bank.
Officials familiar with the institution said such open dissent within the central bank has no known precedent in its history.
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The immediate trigger for yesterday's protest was the transfer of three members of the bank's Officers' Welfare Council from the head office in Dhaka to posts outside the capital a day earlier.
The officials transferred were Nawshad Mostafa, general secretary of the Bangladesh Bank's "Neel Dal" and director of the SME and Special Programmes Department; AKM Masum Billah, president of the Bangladesh Bank Officers' Welfare Council elected from Neel Dal; and its general secretary, Golam Mostafa Shraban.
The dispute comes against the backdrop of the 13th national election held on 12 February. As newly elected representatives were being sworn in and the process of forming a government was underway, an emergency board meeting of the central bank was called on 16 February.
On the same morning, the Officers' Welfare Council held a press conference in which its leaders described the governor as "autocratic" and raised questions over the licensing of digital banks and the process of bank mergers.
Later, the central bank sought a legal opinion from a barrister on whether officials were authorised to call such a press conference. Based on that opinion, the three officials were served show-cause notices and asked to respond within 10 days.
But they were transferred outside Dhaka the day after the notices were issued.
Under Bangladesh Bank staff regulations, officials must obtain the governor's approval before holding press conferences, meetings, seminars, or issuing public statements. Objections against the governor or senior officials are to be raised through internal forums, not public briefings, according to officials concerned.
However, later yesterday, they were reinstated after the central bank withdrew its decision. A notice from the Human Resources Department said the transfer order issued earlier in the day had been revoked, and the three officials would continue in their current posts.
Meanwhile, in a separate directive, Bangladesh Bank transferred five officials to different departments.
Among those transferred is Md Kamrul Islam, who had been serving as an additional director at the Governor's Office and has now been posted to the Sadarghat office. Others include Md Bayazid Sarker of the Banking Regulation Department; Gazi Md Mahfuzul Islam, who had been serving as acting executive director (Currency) at the Motijheel office; Md Jabdul Islam from Human Resources Department-1; and Md Shahid Reza from the Financial Institutions Department.
Demonstration outside 30-storey building
At around 11am, more than 300 officials assembled in front of the central bank's 30-storey headquarters.
Masum Billah, president of the Officers' Council, alleged that the governor had taken several "autocratic measures" and said the officials strongly condemned them.
"Yesterday, three of us were transferred before we could even respond to the show-cause notices," he said. "We demand that the show-cause notices and the transfer orders be withdrawn by today. If our demands are not met, we will begin a symbolic pen strike from tomorrow."
Director and assistant spokesperson Shahriar Siddiqui told the gathering, "We wanted autonomy for Bangladesh Bank, but we have received authoritarian rule. We do not want to remain under such a system."
"The institution has been filled with contractual appointments. Advisers and consultants may be necessary, but we do not see effective policy measures for the economy," he said.
Governor's counter-message
Soon after the protest ended, Ahsan H Mansur called a press briefing.
He said a "vested quarter" was attempting to derail the recovery process of banks undergoing mergers, so that they could eventually be returned to their previous owners.
According to the governor, certain officials' activities concerning bank consolidation and the rescue of weak banks amounted to "conspiracy" and "propaganda".
"No official of Bangladesh Bank has the right to question government policy matters. That is not within their jurisdiction," he said. "Those who have engaged in propaganda have been served show-cause notices and administrative action has been taken."
He added that after receiving the notices, the officials concerned continued what he described as propaganda on social media.
"To maintain discipline and control the situation, they were transferred outside Dhaka. To keep an institution functioning, discipline must be maintained. It is not acceptable to take a job but refuse to abide by institutional rules," Mansur said.
Responding to calls for his resignation, he said, "Resignation is not an issue. I did not come here for a job; I came to serve. If necessary, it would not take me two seconds to resign. However, decisions will be taken according to the administrative process."
Afternoon news of a new governor
From around 1:30pm, unverified reports began circulating in the banking district that a new governor was being appointed.
After Mansur's briefing, he returned to his office. At one point, a private television channel's online ticker displayed the name of Mostaqur Rahman as the new governor.
However, the reports did not appear to originate from journalists covering the central bank, but rather from online desks or sources linked to the finance ministry beat, according to discussions among reporters.
Mansur leaves building
Following the briefing, Ahsan H Mansur remained in his office. As a diabetic patient, he was not fasting yesterday, according to his private secretary, Kamrul Islam. Several reporters were waiting in the building's reception area to see whether any fresh circular had arrived from the ministry.
Kamrul said the governor was scheduled to give an interview to Jamuna TV after lunch, as per his pre-arranged schedule. Two reporters from the channel were also waiting.
An official present in the governor's office said amid the television tickers announcing a new governor, he called in officials and told them to continue working while they remained in office. He signed several pending files.
Around 2pm, after seeing the reports on multiple outlets, deputy governors reportedly advised Mansur to leave the office and return home. He agreed and left the building, accompanied to the lift by deputy governors Nurun Nahar, Habibur Rahman, and Kabir Ahmed.
Adviser escorted out amid 'mob' situation
At about 3pm, the governor's adviser Ahsan Ullah was in his office when Executive Director Sarwar Alam and SME Department Director Nawshad Mostafa went to see him, saying the situation was tense and that he should be escorted out safely.
Ahsan Ullah later said both officials had previously worked under him and that he agreed to leave at their request. On reaching downstairs, he saw 30 to 40 officials gathered. He said the behaviour of two or three of them was unruly.
"One official named Touhidul shouted abuse loudly and at one point tried to stand in front of my car," he said.
"I am deeply hurt by such actions. I completed my career in this institution. I joined by standing first in my batch. In 2012, I came first in the deputy governor recruitment exam, but I was not appointed on the pretext that I belonged to a BNP family," he added.
He said former governor Atiur Rahman had not allowed him to leave at the time, and that he had also served during the tenure of Fazle Kabir. After Abdur Rouf Talukder joined, he chose not to continue.
During the interim government period, Ahsan H Mansur invited him to serve as an adviser.
"We lifted the country from the brink of economic collapse and raised reserves to $35 billion," he claimed. "There has never been any allegation of irregularity in my career."
He also said he had no desire to work under a new governor.
