Bangladesh Bank said that Prof Yunus has violated the country's retirement laws by staying on as Grameen's head long past the mandatory retirement age of 60. Prof Yunus is 70.
Correspondents say that the removal of Prof Yunus is the culmination of a long-running feud with the government.
The government owns a 25% stake in Grameen, which pioneered the microfinance concept of lending small amounts of money to the poor which has been replicated worldwide.
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