Abul Khayer Naziruddin Ahmed, widely known as A.K.N. Ahmed (Selim), was a distinguished central and development banker whose remarkable career spanned over 40 years. He served as the 2nd Governor of Bangladesh Bank from November 19, 1974, to July 13, 1976. His tenure as Governor was marked by significant reforms, including the demonetization of the 100-taka note, measures to control inflation, and the introduction of agricultural and rural credit programs. Mr. Ahmed’s legacy extends beyond his role at Bangladesh Bank, with his influential contributions to banking, diplomacy, and global economic development.
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Early Life and Education
A.K.N. Ahmed was born on September 23, 1930, in Rasullahbad village of Brahmanbaria District. He demonstrated academic brilliance from an early age, earning a Bachelor of Economics degree from Presidency College under the University of Calcutta in 1946. He further pursued a Master’s program at the University of Dhaka, laying the foundation for his future in economics and banking.
Early Career in Central Banking
Mr. Ahmed began his career as a 1st Class Officer at the State Bank of Pakistan. His exceptional capabilities in foreign currency management led to his promotion as a Secretary handling critical financial operations. He eventually became the highest-ranking official in East Pakistan within the State Bank and was appointed as the General Manager in Khulna.
His expertise and leadership earned him a promotion to Executive Director in 1970, making him one of the most influential figures in East Pakistan’s banking sector.
Role During the Liberation War (1971)
During the non-cooperation movement in 1971, Mr. Ahmed assumed responsibility for the Dhaka office of the State Bank of Pakistan. He carried out directives from Bangabandhu Sheikh Mujibur Rahman during this critical period.
However, political tensions escalated, and he was transferred to Karachi to avoid arrest, thanks to the intervention of the State Bank of Pakistan’s Governor. Despite facing two interrogations in Lyallpur (now Faisalabad) Jail and pressure to testify against Bangabandhu, Mr. Ahmed remained resolute. In March 1973, he managed to escape from Pakistan and return to Bangladesh — a defining moment in his career and life.
Leadership at Sonali Bank and Bangladesh Bank
Upon his return to Bangladesh, Mr. Ahmed was appointed as the Chairman and Managing Director of Sonali Bank in 1973. His success at Sonali Bank earned him the prestigious position of Governor of Bangladesh Bank in 1974.
Key Achievements as Governor
During his tenure as Governor, Mr. Ahmed introduced several groundbreaking reforms:
- Demonetization of the 100-taka note to curb black money and inflation.
- Introduction of agricultural loans to support farmers and boost rural development.
- Micro-credit programs to empower low-income groups.
- School banking to promote financial literacy among students.
- Established the first private financial institution in Bangladesh, International Finance Investment and Commerce Bank (IFIC).
- Appointed the first batch of officers at Bangladesh Bank in 1976.
- Spearheaded the establishment of the Bangladesh Institute of Bank Management (BIBM) and served as its first Chairman.
These reforms strengthened Bangladesh’s banking infrastructure and laid the foundation for future financial stability.
International Career and Diplomatic Service
Following his tenure at Bangladesh Bank, Mr. Ahmed’s expertise took him to key roles on the international stage:
- In the early 1980s, he served as Chief Economist for the Bank of Credit and Commerce International (USA).
- Appointed as the High Commissioner of the People’s Republic of Bangladesh to Japan and South Korea in the mid-1980s, where he strengthened diplomatic and economic ties.
- Served as the Resident Representative of the International Monetary Fund (IMF) in Gambia.
- Provided advisory support to BCCI Bank, helping establish the BCCI Foundation and BASIC Bank.
- Acted as an advisor to the Presidential Commission of Finance and Banking in Sri Lanka.
Contributions to Banking and Economic Development
Mr. Ahmed was a passionate advocate for ethical banking and played a key role in introducing the ‘Nurul Matin Memorial Lecture on Ethics in Banking’ at BIBM. His advisory role at BASIC Bank led to consistent profitability over two decades.
As a scholar, he authored 11 books and numerous articles on global economic issues, central banking, and development. Some of his works have been included in the IMF’s bibliography of central banking. He also delivered lectures at prestigious institutions, including Kansas University, USA and the SEANZA Central Banking Course as a Visiting Specialist in 1987.
Recognition and Honors
Mr. Ahmed’s exceptional contributions earned him global recognition:
- He received the Alexander the Great Gold Medal from the Institute of Oriental Philosophy at Soka Geiki University, Tokyo, for his deep understanding of Japanese culture and society.
- An auditorium at the Bangladesh Bank Training Academy (BBTA) was named after him in honor of his service to the central bank.
Affiliations and Fellowships
Mr. Ahmed held esteemed positions in various institutions:
- Senior Fellow at the Bangladesh Institute of Development Studies (BIDS).
- Fellow at the Center for Policy Dialogue (CPD).
- Fellow at the Institute of Bankers in both Pakistan and Bangladesh.
- Emeritus Fellow at the Bangladesh Institute of Bank Management (BIBM).
Personal Life
Mr. Ahmed married Nilufar Ahmed (Bina), with whom he had three children — Ramina, Deepa, and Ruben. He was deeply connected to his family and balanced his professional success with a fulfilling personal life.
Legacy and Passing
A.K.N. Ahmed passed away on February 24, 2016, in Washington, USA. His life was defined by resilience, intellect, and a profound commitment to public service. His legacy lives on in Bangladesh’s financial institutions, banking reforms, and the countless professionals he mentored throughout his career.
Conclusion
A.K.N. Ahmed’s life was a remarkable journey through the corridors of power in central banking, international diplomacy, and economic development. His contributions as the 2nd Governor of Bangladesh Bank and his subsequent global roles have left an indelible mark on Bangladesh’s financial landscape. His vision, leadership, and dedication to ethical banking continue to inspire future generations of bankers and economists.