The sudden outbreak of the COVID-19 pandemic necessitated a paradigm shift from face-to-face to online teaching of English as a Foreign Language (EFL) courses through widely recognized virtual platforms. The suddenness of the movement did not give enough time for the tertiary-level EFL teachers in Bangladesh to be prepared. In consequence, the sustainability of higher educational institutions was at stake since ensuring English education to the students of all majors is one of the crucial demands of the respective stakeholders. The academic harmonization of these higher educational institutions requires institutional intervention in terms of monitoring the quality of education and giving feedback to the teachers. This study investigates the role that an institutional monitoring and feedback system played in developing and delivering online EFL courses in a private university in Bangladesh, which is relatively unexplored by international and local research. A mixed methods research design was used: a questionnaire survey and two focus group discussions. Participants were EFL teachers and administrative officers involved in the process of central monitoring and feedback system of the institution. The analysis critically seeks to discover the perceptions of the participants on three issues: (i) the impact of institutional monitoring and feedback; (ii) areas of teaching-learning pedagogy that the process addressed; and (iii) challenges and suggestions. The results show that the teachers benefitted greatly from this system in general, but it did not address specific issues related to EFL courses. The system lacked the involvement of the stakeholders in policymaking and assessment rubric formation. The study suggests that EFL courses should be monitored differently than other courses and EFL teachers should be empowered and involved directly with the decision-making process of central monitoring and feedback system.