Shegufta Bakht Chaudhuri

Shegufta Bakht Chaudhuri
Born	1931 Bongaon, Nabiganj Thana, Habiganj District, Bengal Presidency
Died	11 November 2020 United Hospital, Dhaka, Bangladesh
Occupation(s)	Economist, civil servant
Known for	Governor of Bangladesh Bank (1987–1992), Advisor to caretaker government (1996)

Shegufta Bakht Chaudhuri (commonly referred to as S B Chaudhuri; 1931 – 11 November 2020) was a distinguished Bangladeshi economist who held the position of the fourth governor of Bangladesh Bank, the nation’s central bank, from 1987 until 1992. Additionally, he served as an advisor to Bangladesh’s inaugural caretaker government in 1996.

Early life and education

Chaudhuri was born on 1 September 1931 in Bongaon, located in Nabiganj Thana, Habiganj District, during the Bengal Presidency under British rule. His father was Dewan Mamun Chaudhuri, and his mother, Syeda Zebunessa Khatun, was the daughter of Khan Bahadur Syed Sikandar Ali. Among his maternal relatives were the noted authors Syed Mujtaba Ali and Syed Murtaza Ali. His maternal lineage can be traced back to Shah Ahmed Mutawakkil, a revered saint and Syed from Taraf.

He completed a Bachelor of Arts with Honours in economics at the University of Dhaka in the early 1950s. Although he commenced a Master’s program in International Relations at the same institution, health issues prevented him from finishing it. Subsequently, he earned a Master of Public Administration (MPA) degree from the Harvard Kennedy School in 1967.

Career

Chaudhuri started his professional journey as a journalist with the Morning News during the early 1950s. In 1955, after successfully passing the CSS examination, he joined the Pakistan Taxation Service. Over time, he undertook numerous governmental roles such as section officer and deputy secretary and was included in Pakistan’s Economic Pool.

Between 1967 and 1970, he was posted as First Secretary (Commercial Attaché) at Pakistan’s Embassy in Belgrade, Yugoslavia. He then assumed the role of Chief Controller of Imports and Exports for Pakistan from 1970 to 1971. Following Bangladesh’s independence, he briefly headed the Export Promotion Bureau before returning to serve as Chief Controller of Imports and Exports for Bangladesh during 1973–74. From 1974 to 1977, Chaudhuri held the position of Additional Secretary within the Ministry of Commerce and subsequently became Secretary of the Internal Resources Division under the Ministry of Finance. He also chaired the National Board of Revenue from 1981 through 1987.

His tenure as Governor of Bangladesh Bank spanned from 1987 to 1992, during which he implemented a flexible exchange rate regime that included devaluation of the Taka aimed at stimulating export growth. Furthermore, he acted as Temporary Alternate Governor for the International Monetary Fund.

After concluding his service at Bangladesh Bank, Chaudhuri contributed a column entitled "Along My Way" to the Daily Star. In 1996, he took on an advisory role equivalent to that of a cabinet minister within Habibur Rahman’s caretaker government responsible for overseeing parliamentary elections. In this capacity, he managed portfolios including the Industries, Commerce, and Ministry of Textiles and Jute. Additionally, from approximately 1993/94 until 1998, he provided advisory services to City Bank.

Death

Chaudhuri passed away on 11 November 2020 at United Hospital, Dhaka, Bangladesh. He is survived by his wife (the late Nargis Chaudhuri), their son and daughter, along with three grandchildren and three great-grandchildren.