There is only one word that comes to mind when we look over the events at Bangladesh Bank on Wednesday - disgraceful.
We must question: When a mob of officials can forcibly eject a senior adviser from the nation’s central bank headquarters, chanting slogans and resorting to physical intimidation, could it be termed as anything but hooliganism?
Indeed, such conduct sends a chilling message, about the integrity and discipline of the very institution entrusted with safeguarding our financial stability.
We are also alarmed and disappointed by the manner in which Governor Ahsan H Mansur, who had embarked on long-overdue reforms, was removed from his position. His initiatives, from merging weak banks to tightening oversight and confronting willful defaulters, were certainly not popular among vested interests, yet their necessity was unquestionable.
Reforms are never meant to be popular and the mob-driven chaos that followed his departure reveals the all-too-familiar culture of entitlement and resistance to change that has long held Bangladesh back, with signs looking ominous for the future.
Reforms being derailed by entrenched interests unfortunately define Bangladesh; past administrations have repeatedly sacrificed merit and transparency at the altar of expediency, leaving the banking sector riddled with non-performing loans, political influence, and poor governance.
It goes without saying that to repeat these mistakes, especially knowing all that transpired during the previous Awami League regime, would be beyond catastrophic. The central bank cannot be run in this manner, one where it is allowed to descend into mob rule. This is an institution that must be operated on the principles of merit, transparency, and institutional independence.
The government must act decisively and restore discipline within Bangladesh Bank. Above all else, it must ensure that policy direction is not dictated by those who fear accountability and transparency. Anything less will be a betrayal of public trust and leave little to no hope for an already broken banking sector.
