This chapter explores the political economy of financial reform under a military-backed presidential regime during the latter half of the 1970s in Bangladesh. The state during this period can be characterized as patrimonial, with the head of state exercising authority—either directly or indirectly—over key decisions. Yet, it is noteworthy that policy planning and direction still relied heavily on top technocrats and bureaucrats. This raises an important and timely question: what forms of policy learning and puzzling are possible within a political context dominated by centralized leadership, where democratic participation and institutional checks are limited?