On January 12, 2007, Dr. Fakhruddin Ahmed became the Chief Adviser for the Caretaker Government of the People’s Republic of Bangladesh. Prior to his appointment as the Chief Adviser, Dr. Ahmed worked as Chairman of the 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 200 hundred micro-finance companies.
From October of 2001 to April of 2005, Dr. Ahmed served as Governor of the Bangladesh Bank, where he 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-banking financial institutions. Other significant reforms undertaken during his tenure included strengthening the capacity of the Bangladesh Bank; floating the exchange rate with minimal volatility; introducing interest rate flexibility and bringing down the interest rate substantially, which in turn contributed to a significant increase in industrial investment; introducing major corporate governance measures for the first time in the Bangladeshi corporate sector; and making the Bangladesh Bank an effective regulator. The reforms implemented during Dr. Ahmed’s tenure contributed to macroeconomic and financial sector growth and stability in a significant way.
Dr. Ahmed served for over 20 years at the World Bank, where he focused on macroeconomic issues, as well as, on other sectors and policy issues related to development. Prior to joining the World Bank, he served for fifteen years in the Civil Service of Pakistan and in the Government of Bangladesh. He has also held several key positions in the office of the Joint Secretary, the Economic Relations Division, and the Ministry of Finance.
The son of a physician, Dr. Fakhruddin Ahmed was born in Dhaka, Bangladesh on May 1, 1940. Dr. Ahmed was first in his class in both receiving his bachelor’s degree and master’s degree in economics from Dhaka University. He subsequently received a second master’s degree in development economics from Williams College, and a Ph.D. in economics from Princeton University, while on leave from his civil service appointments.
He is married and has one son.
Source: University Programs and Events Planning Resources, September 2007