From CNN, writer Farid Ahmed gives us Yunus' reaction.
"We established Grameen Bank through a special ordinance, with rules that are specific, according to which my current term as managing director is fully valid. Government has three representatives on the board and they have unanimously approved these rules," he said.
Bangladeshi Finance Minister Abul Mal Abdul Muhith has said that Yunus is too old to continue as managing director of the bank. "Normally the retirement age of a bank's managing director in Bangladesh is 65, and Professor Yunus is now 70," Muhith has said.
Yunis has been the target of three recent lawsuits.
Muhith said the move had no link to politics, but many analysts said Yunus was still under fire at home for criticizing politicians and trying to form a political party four years ago during an interim, unelected government that was backed by the military. That party was later abandoned.