I successfully changed my monetdb admin password by logging in as admin, then running this command:

sql>alter user set unencrypted password ’new password' using old password 'monetdb';

operation successful (50.027ms)

sql>


Instructions here:
  https://www.monetdb.org/Documentation/SQLreference/Users

Note this only changes the password for the db into which you are logged.

From: users-list <users-list-bounces+lcj34=cornell.edu@monetdb.org> on behalf of Roman S <rashkur@gmail.com>
Reply-To: Communication channel for MonetDB users <users-list@monetdb.org>
Date: Tuesday, June 28, 2016 at 11:04 AM
To: "users-list@monetdb.org" <users-list@monetdb.org>
Subject: Resetting monetdb administrative password

Hello, 

Can somebody tell me how to reset monetdb administrative password?

I’ve tried to stop mserver5, start it manually, 
oldp:=clients.getPasswordHash(“monetdb");
newp:=clients.backendsum("newpassword");
clients.changePassword(oldp, newp);
Stoping it again and start in normal mode 

But it didn’t help:

mclient --database=mydb --user=monetdb
password:<usingnewpass>
InvalidCredentialsException:checkCredentials:invalid credentials for user 'monetdb'