Dr. Mohammed Farashuddin, the 7th Governor of Bangladesh Bank, is a distinguished figure whose contributions to Bangladesh’s economic, financial, and academic sectors have left an indelible mark. His career reflects a blend of strategic leadership, visionary policymaking, and unwavering commitment to the nation’s progress. Dr. Farashuddin’s extensive professional journey spans academia, public service, and the corporate world, establishing him as a pivotal figure in shaping Bangladesh’s economic landscape.
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Early Life and Education
Dr. Mohammed Farashuddin was born on April 14, 1942, in the village of Ratanpur in Nayapara Union, Madhabpur, located in the Habiganj District of Bangladesh. His academic journey began at Sylhet Government High School, where he completed his secondary education in 1958. He continued his higher studies at Sylhet MC College in 1960.
Dr. Farashuddin’s academic brilliance became evident when he secured a 1st Class 1st Position in BA (Honours) in Economics from the University of Dhaka in 1963. He followed this with an MA in Economics from the same institution in 1964. His academic journey extended overseas when he earned an MA in Political Economy from Boston University, USA, in 1978. He later completed a PhD from Boston University in 1979, focusing on “Cost-Benefit Analysis of Labour, Foreign Exchange, and Government Revenue in the Context of Bangladesh.”
Early Career and Public Service
Dr. Farashuddin began his professional career as a Lecturer in the Department of Economics at the University of Dhaka in 1964. His transition to public service began when he joined the Civil Service of Pakistan (CSP) in 1966, where he held several key administrative roles, including:
- Sub-Divisional Officer
- Additional Deputy Commissioner
- Additional Commissioner
- Deputy Secretary
- Joint Secretary
Between 1973 and 1975, Dr. Farashuddin served as the Private Secretary to the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, during his tenure as both Prime Minister and President of Bangladesh. This close association with the nation’s founding leader provided him with profound insights into governance and economic policy formulation.
In the 1980s and 1990s, Dr. Farashuddin expanded his influence in the public and corporate sectors, serving in the following notable capacities:
- Rapporteur of the UNDP Governing Council (1980)
- Member of the Bangladesh delegation at the First UNLDC Conference in Paris (1981)
- Board of Directors for Agrani Bank and the Investment Corporation of Bangladesh (ICB)
- Member of the Film Censor Board and National Tea Company
- Board Member at British American Tobacco Bangladesh and the General Insurance Corporation
Role at the Ministry of Finance
Dr. Farashuddin served as the Joint Secretary (Investment) at the Ministry of Finance between 1983 and 1985. During this time, he played a critical role in Bangladesh’s financial sector, including:
- Drafting the first version of the Grameen Bank Ordinance in 1983, which laid the foundation for microfinance in Bangladesh.
- Serving as the Controller of Capital Issues, where he successfully led the unloading of a significant number of multinational company shares to revitalize the Dhaka Stock Exchange in 1984.
Governor of Bangladesh Bank (1998–2001)
Dr. Farashuddin was appointed as the 7th Governor of Bangladesh Bank on November 24, 1998. He held this prestigious position until November 22, 2001. His tenure as Governor was marked by several groundbreaking initiatives and reforms that strengthened Bangladesh’s financial infrastructure and monetary policy framework:
- Modernized the central bank’s regulatory structure to align with global best practices.
- Strengthened the foreign exchange reserves and stabilized the country’s monetary policy.
- Implemented financial inclusion strategies to extend banking services to rural and underserved communities.
- Promoted greater transparency and efficiency within the banking sector.
- Encouraged foreign investment and improved the ease of doing business in Bangladesh.
Dr. Farashuddin’s leadership at Bangladesh Bank positioned the institution as a key driver of economic stability and growth in Bangladesh.
Contributions to Academia and Corporate Governance
Beyond his role as Governor, Dr. Farashuddin remained deeply engaged in academia and corporate governance:
- Founding Vice-Chancellor of East West University (EWU)
- Visiting Professor at the Institute of Business Administration (IBA), University of Dhaka, and East West University
- Chairman of Sonali Bank
- Senior Fellow and Board Member at the Bangladesh Institute of Development Studies (BIDS)
- Chairperson of the Planning Commission Reorganization Committee
- Chairman of Palli Karma-Sahayak Foundation (PKSF)
- Chairman of the Bangladesh Shilpa Rin Sangstha
- Member of the 5th Five-Year Plan Formulation Advisory Committee
Honors and Awards
Dr. Farashuddin’s exceptional contributions to Bangladesh’s economic and academic sectors have been widely recognized through numerous prestigious awards:
- Outstanding Foreign Student Award – Boston University, USA (1978)
- Sorojini Naido Gold Medal (2008)
- Mercantile Bank Gold Medal (2010)
- Outstanding Leadership in Higher Education – Bloomsburg University, USA (2012)
- Sylhet Ratna (2012)
- Khan Bahadur Ahsanullah Gold Medal (2013)
- BIDS-Banik Barta Economist Award (2015)
- Higher Education Award – Australian Academy of Business Learning (2016)
Publications and Thought Leadership
Dr. Farashuddin has authored several books on economics, democracy, and education, reflecting his deep understanding of Bangladesh’s socio-economic dynamics. His works have contributed to shaping intellectual discourse and policy direction in the country.
Personal Life
Dr. Mohammed Farashuddin is married to Suraiya Farashuddin (also known as Asma). The couple has been blessed with a loving son and a cherished daughter. Despite his demanding professional life, Dr. Farashuddin remains committed to family values and personal integrity.
Legacy and Impact
Dr. Mohammed Farashuddin’s career stands as a testament to visionary leadership and strategic policymaking. His tenure as Governor of Bangladesh Bank strengthened the financial system and set the foundation for sustainable economic growth. His contributions to academia and corporate governance continue to influence Bangladesh’s development trajectory. Dr. Farashuddin’s life and work reflect a remarkable blend of professional excellence, intellectual depth, and unwavering dedication to the progress of Bangladesh.