While we understand new Finance Minister Amir Khosru Mahmud Chowdhury stating that the change in the governorship of Bangladesh Bank was part of a broader administrative reshuffle undertaken by the new government to implement its priorities and policy agenda, we question the manner in which such a change was brought about.

Indeed, the government’s decision to essentially force the resignation of Ahsan H Mansur, and to replace him with a candidate whose credentials are already being questioned, is deeply troubling.

The new finance minister is correct that change in leadership can sometimes be necessary. However, the manner in which this change was executed undermines both the institution and the reform agenda that our banking sector desperately needs.

Governor Mansur had been lauded for his work and his removal, not through a transparent process but through pressure and coercion, sends the wrong signal, not just at home and to the everyday Bangladeshi, but also to observers abroad.

This is particularly damaging for a nation that is looking to change the narrative around it, and shed the tag that it is a nation that does not care about transparency and good governance while being identified with corruption and impunity.

We believe that the government truly seeks reform, but for that to happen, it must begin with transparency and meritocracy. Change imposed through intimidation or political maneuvering is not reform but regression.

The onus is now on the new governor to prove that the critics voicing concern are wrong, and also on the government to prove that this change was not another act of impunity, but part of a genuine commitment to strengthen the financial system.