Topic: Fakhruddin Ahmed

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Dr Fakhruddin Ahmed (Bengali: ফখরুদ্দীন আহমেদ Fokhruddin Ahmed) (born May 1, 1940) is a noted Bangladeshi economist, civil servant, and a former governor of the Bangladesh Bank, the country's central bank. He was appointed as the Chief Adviser (Head of the Government) of the non-party interim caretaker government of Bangladesh on 12 January 2007, amidst chaos in Bangladeshi politics, and remained in that post until a new election was held two years later.

Dr. Fakhruddin Ahmed, son of Dr. Mohiuddin Ahmed, was born in Bikrampur of Dhaka District, now Munshiganj, Bangladesh. He took the oath of office as Chief Adviser of the Caretaker Government of the People's Republic of Bangladesh on 12 January 2007. Prior to this appointment, he worked as Chairman of Palli Karma-Sahayak Foundation (PKSF) from June 2005 to January 2007. PKSF is the largest apex fund for micro credit in the world, currently providing financial and institution-building assistance to over two hundred micro-finance institutions. From October 2001 to April 2005, Dr. Ahmed served as Governor of the Bangladesh Bank.

While he was Governor, Dr. Ahmed introduced wide-ranging reforms in the conduct of monetary and exchange rate policy, in the development of new financial markets (bond market) and financial instruments (securitization), and in the operation of the financial system. The financial sector reforms included stronger corporate governance measures at the board level and also on internal policies, processes and structures within the banking industry and for non-bank financial institutions. Other significant reforms undertaken during his tenure included strengthening the capacity of the Bangladesh Bank. Dr. Ahmed’s major achievements included : (i) floating the exchange rate with minimal volatility, (ii) introducing interest rate flexibility and bringing down the interest rate substantially, which in turn contributed to a significant increase in industrial investment, (iii) introducing major corporate governance measures for the first time in the Bangladeshi corporate sector, and (iv) making the Bangladesh Bank an effective regulator and enforcer. The reforms implemented during Dr. Ahmed’s tenure contributed to macroeconomic and financial sector growth and stability in a major way.

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