Dhaka, Oct. 13 -- Bangladesh today stands at a monetary and financial crossroads. The country is grappling with persistent inflation, exchange rate volatility, dwindling reserves, and external debt obligations that feel heavy in a fragile global economy. At the centre of these challenges is the Bangladesh Bank (BB), the nation's central bank. Yet for much of its history, BB has not functioned as a truly independent monetary authority. Its senior executives often acted as bureaucratic caretakers, following inherited routines rather than innovating to meet new realities.

That culture of habit over analysis has had lasting consequences: weak exchange rate management, politicised interest rate policies, and delayed responses to inflation. Th...