Fazle Kabir as new Bangladesh Bank Governor

FKFormer Finance Secretary, Fazle Kabir will be the new governor of Bangladesh Bank. He has been assigned the role on Tuesday by the government immediately after the resignation of the former governor, Atiur Rahman, who tendered his resignation over the cyber heist which cost Bangladesh $80 million at least. The appointment of the new governor came within only two hours of Atiur’s step down.

Before assigned this new role, Kabir was working as Chairman of another scam-tainted state-owned Sonali Bank. He performed his role as Director of Bangladesh Bank on 2012-14. The Finance Minister AMA Muhith declared the appointment of the new governor from his office. The newly appointed governor is out of country now and is scheduled to return on March 18.

While Muhith was asked that if an inquiry committee will be formed over the heist, Muhith replied that an investigation has already been done. He added that, Dr. Farashuddin headed the committee, who had also been a Governor of the Central Bank of Bangladesh. He also said that, for now the committee is holding three members but has provision for more.

The cyber heist involved wire-transferring of $80 million ($101 million as per some sources) from Bangladesh Bank’s account at Federal Reserve Bank of New York. The incident was first reported at Philippine based newspaper, the Inquirer on Feb 29, almost after a month of the incident. Bangladesh Bank got immediately informed of the incident but did not disclose it to the government and for that, yesterday (Mar 14, 2016), Finance Minister Muhith lashed out at the Central Bank. He mentioned this act of Bangladesh Bank mentioning ‘the audacity not to inform him about issue’. He had even called a media briefing this morning which was cancelled immediately after Atiur tendered his resignation to the Prime Minister’s office.

“It (a statement) is not necessary, because that has been given from the Prime Minister’s Office.” Muhith said, after reporters inquired about his statement and informed them of teh decision to appoint Fazle Kabir.

Fazle Kabir is an economics graduate from the Chittagong University. He started his career in 1980 with Bangladesh Railway as an Assistant Traffic Superintendent. Three years later, he joined the Administration. He was appointed Finance Secretary in 2012 and also sat on the board of state-owned Janata Bank. His wife Mahmuda Sharmin Benu is an Additional Secretary to the ministry of Public Administration. His only son Tanveer Kabir is pursuing MBA degree from IBA of Dhaka University.

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