New BB governor aims to ‘restore confidence’, cut interest rates

Newly appointed Bangladesh Bank Governor Md Mostaqur Rahman has signalled that “restoring trust” in the banking sector will be his top priority, alongside efforts to lower interest rates.

The garment industry entrepreneur assumed office on Wednesday, appointed by the BNP-led government, succeeding Ahsan H Mansur, who had served during the caretaker government.

Commenting on his vision for the central bank, Mostaqur said: “As you know, the economy and the banking sector face challenges. Taking on this responsibility at this time is a challenge.

“God willing, I will first sit in the bank, consult with everyone, and with cooperation, focus on the primary task -- trust-building in banking, restoring discipline. Of course, the previous governor achieved a lot, and we aim to continue that work.”

He added, “Another main focus will be driving growth. Credit growth is slowing, as you know, so we will work to lower interest rates and stimulate lending.”

Mostaqur is the first businessman in Bangladesh’s history to become central bank governor.

He was formally appointed for a four-year term by the Ministry of Finance’s Financial Institutions Division on Wednesday.

An FCMA from the Institute of Cost and Management Accountants of Bangladesh (ICMAB), Mostaqur is currently managing director and CEO of Hera Sweater Garment.

He has formally stepped down from his business role to assume the governorship.

Before his appointment, he served as chairman of the Bangladesh Bank Standing Committee under the BGMEA, representing garment exporters since July 2025.

Reflecting on his appointment, he said: “We need to focus on work first. Talking alone won’t do; we must deliver results. I seek everyone’s support and prayers.”

Mostaqur completed his undergraduate and Master’s degrees in accounting at Dhaka University before earning his FCMA in 1991.