Shegufta Bakht Chaudhuri, widely known as S. B. Chaudhuri, was a distinguished economist and public servant who played a pivotal role in shaping the economic and financial landscape of Bangladesh. Serving as the 4th Governor of Bangladesh Bank from April 12, 1987, to December 19, 1992, Mr. Chaudhuri’s tenure was marked by strategic reforms that strengthened the country’s financial system and enhanced its global economic standing. His long and illustrious career in government service, combined with his profound understanding of economics and governance, left a lasting legacy on Bangladesh’s economic trajectory.
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Early Life and Education
Shegufta Bakht Chaudhuri was born in 1931 in Nabiganj, Habiganj, Sylhet. From an early age, he exhibited exceptional intellectual potential and a strong inclination towards public service. He pursued a Bachelor of Economics degree from the University of Dhaka, laying the foundation for his future career in economics and governance.
To further strengthen his expertise in public administration and financial policy, Mr. Chaudhuri earned a Master’s in Public Administration (MPA) from the prestigious Harvard University in the United States. His academic achievements at two of the world’s leading institutions equipped him with the knowledge and strategic insight that would later define his professional legacy.
Early Career in Government Service
Mr. Chaudhuri began his career in government service during the 1950s, where he quickly rose through the ranks due to his exceptional analytical skills and leadership qualities. His early roles included serving as the 1st Secretary at the Pakistan Embassy in Yugoslavia, where he gained valuable international experience and insights into global economic relations.
His ability to navigate complex economic issues led to his appointment as the Chief Controller of Imports and Exports (CCI&E) for East Pakistan. In this position, he played a key role in regulating trade policies and promoting economic growth. After the Liberation of Bangladesh in 1971, Mr. Chaudhuri retained this crucial position, contributing to the economic rebuilding of the newly independent nation.
Key Government Roles and Leadership
Mr. Chaudhuri’s expertise and leadership were recognized at the highest levels of government. He served in various high-ranking positions, including:
- Additional Secretary in the Commerce and Finance Ministry
- Secretary in the Petroleum Ministry
- Secretary in the Internal Revenue Division (IRD)
His diverse portfolio demonstrated his versatility and deep understanding of the intricacies of both domestic and international economic policy.
Chairman of the National Board of Revenue (NBR)
One of Mr. Chaudhuri’s most influential roles was as the Chairman of the National Board of Revenue (NBR) from January 1, 1983, to July 13, 1987. His leadership at NBR was marked by significant reforms aimed at modernizing the country’s tax and revenue collection systems. Under his guidance, the NBR introduced policies that improved tax compliance, enhanced government revenue, and streamlined bureaucratic processes, contributing to greater financial stability.
Governor of Bangladesh Bank (1987–1992)
Mr. Chaudhuri’s appointment as the 4th Governor of Bangladesh Bank in 1987 was a defining moment in his career. His tenure was characterized by strategic decisions that shaped the country’s financial sector and strengthened the banking infrastructure.
Key Achievements as Governor:
- Depreciation of the Exchange Value of Taka:
To make Bangladeshi exports more competitive in the global market, Mr. Chaudhuri advocated for the controlled depreciation of the Taka. In 1990, the Taka was devalued by 8-9%, shifting towards a flexible exchange rate policy where the value of the currency was adjusted continuously based on real effective exchange rates. - Strengthening the Financial Sector:
He implemented policies to enhance financial discipline, improve banking regulations, and increase transparency within the banking sector. - Encouraging Private Sector Growth:
Mr. Chaudhuri supported policies that facilitated greater access to credit for businesses and individuals, fostering a more dynamic and competitive financial environment.
His leadership at Bangladesh Bank laid the foundation for future economic stability and growth, making the financial sector more resilient to global economic shifts.
Role in the Caretaker Government and Advisory Positions
Following his tenure at Bangladesh Bank, Mr. Chaudhuri continued to serve the country in various influential roles:
- In 1996, he was appointed as an Adviser to the Finance, Industries, and Commerce Ministries in the Caretaker Government.
- He later served as an Adviser to City Bank in the 1990s, providing strategic guidance that strengthened the bank’s market position.
His vast experience in both public and private sectors made him a highly sought-after authority on financial and economic matters.
Contributions to Economic Policy and Governance
Mr. Chaudhuri’s career was defined by his commitment to sound economic governance and sustainable growth. His advocacy for flexible exchange rates, trade liberalization, and banking sector reform positioned Bangladesh to better integrate with the global economy. His decisions reflected a deep understanding of both domestic challenges and international market dynamics.
Personal Life and Legacy
Shegufta Bakht Chaudhuri led a fulfilling personal life, enriched by his family, including a son and a daughter. Despite his demanding professional life, he remained deeply connected to his roots and valued the importance of family and tradition.
He passed away on November 11, 2020, at the age of 89. His passing marked the end of an era for Bangladesh’s financial and economic sectors, but his legacy lives on through the institutions and policies he helped shape.
Conclusion
Shegufta Bakht Chaudhuri was more than a central banker; he was a visionary leader who combined academic excellence, public service, and strategic foresight to shape Bangladesh’s financial and economic landscape. His contributions as the Governor of Bangladesh Bank, the Chairman of NBR, and a senior government official reflect a lifetime of dedication to the nation’s economic progress. His leadership in adopting a flexible exchange rate policy and modernizing financial regulations continues to influence Bangladesh’s economic direction today.
Mr. Chaudhuri’s life serves as an enduring example of integrity, vision, and unwavering service to the nation.