Bangladesh's central bank Governor Abdur Talukder resigns amid protests

By Arun Devnath

Bangladesh Bank Governor Abdur Rouf Talukder has resigned, according to people familiar with the matter, just days after protesters stormed the central bank’s headquarters amid political upheaval in the country.

Talukder stepped down Friday and cited “personal reasons” for this departure, the people said, requesting anonymity discussing a private matter. He is leaving two years before his term ends. The central bank didn’t immediately respond to an email seeking further information outside for regular business hours.

Talukder’s departure, reported earlier by local newspapers and television channels, follows the dramatic political uprising that forced Prime Minister Sheikh Hasina to step down and flee the country. On Wednesday, protesters entered the Bangladesh Bank’s headquarters in Dhaka and demanded officials step down. 

 

Bangladesh formed an interim government headed by Nobel laureate Muhammad Yunus, following weeks of violent street protests that have resulted in over 400 deaths since July, as reported by local media.

Talukder, 60, took office in July 2022 when the nation was facing a currency devaluation and high inflation. During his reign, he tried to introduce greater flexibility in market interest rates and currency management. However, he was often criticized for failing to address governance issues in the banking sector that led high loan default rates.

Bangladesh’s economy has struggled to regain its footing since the pandemic and has come under pressure from the curfews and recent Internet blackouts. The nation secured a $4.7 billion loan program from the International Monetary Fund last year but its foreign exchange reserves remain low. The stockpile dropped to $20.5 billion in July.