Bangladesh Bank
বাংলা      

Mr. Khorshed Alam Former Governor, Bangladesh Bank

Khorshed Alam, the 5th Governor of Bangladesh Bank, held this prestigious position from December 20, 1992, to November 21, 1996. Mr. Alam started his professional journey by voluntarily serving as the Head Master of Daulatakandi Mohiuddin Bhuiyan High School in his hometown, following the completion of his Masters Degree in 1956. Later in September 1957, he joined the Civil Service of Pakistan.

Mr. Alam held various positions throughout his career, including Assistant Magistrate and Collector in Rajshahi in 1959, Sub-Divisional Officer in Thakurgaon in 1960, Deputy Registrar in the Department of Cooperatives in 1961, Additional Deputy Commissioner in Pabna, and Joint Registrar in the Department of Cooperatives in 1962, Private Secretary (PS) to the Minister of Commerce in 1964. He then served as Deputy Director at the Bureau of National Reconstruction before becoming Deputy Secretary in the Ministry of Information and Radio.

He was also Deputy Chief of the Planning Division and Deputy Commissioner in Pabna, Mymensingh and Chittagong in 1966-1969. In 1969, he became the Acting Additional Secretary at the Ministry of Basic Democracy and Local Government and appointed Secretary to the Ministry of Information and Radio in 1972.

From 1974 to 1978, he served as Secretary to the Ministry of Local Government, Rural Development and Cooperatives, Bangladesh. During this period, he introduced training programs for Union Parishad Chairmen and played a significant role in establishing the Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP). Mr. Alam also held the position of Secretary in various Ministries, including Industry, Information, Transport, Commerce, Finance, and ultimately served as the Principal Finance Secretary.

His service extended even beyond our nation's borders, as he also proudly represented Bangladesh as Ambassador to Turkey, Lebanon, and Syria from 1986-1988. He was also served as the Chairman of Bangladesh Krishi Bank, President, Inter-ministerial Committee for Privatization in 1992 and Chairman to the Board of Trustees to the University of Asia Pacific in 1996.

Khorshed Alam's academic journey began at Dhaka Collegiate School in 1940. He received a Dhaka Divisional Scholarship in 1944, ranking 3rd or 4th in the merit list. Alam attended Manikganj Government High School and A. A. I. High School in Brahmanbaria, securing the 3rd position in the board's merit list in 1949.

Mr. Alam got bachelor's degree in Economics from the University of Dhaka in 1954, ranking 2nd class and 3rd position. He also completed a master's in Economics at the same institution in 1955, where he ranked 2nd class and 4th position. He obtained Diploma in Public Administration in June 1959. He pursued higher education at Harvard University's Kennedy School of Government, completing a master's in Public Administration in 1971. In 1972, while studying for his Ph.D. at Tufts University, Mr. Alam returned to Bangladesh due to government orders after being considered a freedom fighter, although he didn't receive antedated seniority for his time away.

Mr. Alam received various training programs, including sessions at Lahore Academy and field training in East Pakistan (now Bangladesh) in 1957. In 1958, he pursued a year-long training at Oxford, where he authored a thesis on the Accounting of National Income of Pakistan. As a Fellow of the Food and Agriculture Organization (FAO) in 1962, he had the valuable opportunity to explore diverse cooperative practices in Switzerland, West Germany, Denmark, Sweden, and Egypt.

Mr. Alam also authored and published two notable books, one focusing on his autobiography and the other delving into the economic landscape of Bangladesh.

As Secretary to the Ministry of Finance, Mr. Alam played a pivotal and instrumental role in securing financial aid and support for Bangladesh from renowned international institutions such as the International Monetary Fund (IMF) and the World Bank. As the Governor of Bangladesh Bank, Mr. Alam significantly liberalized foreign exchange transactions and made transactions on the current account fully convertible, bolstering foreign trade. He strengthened banking system inspections, introduced new rules for loan classification, and took legal actions for loan recovery. He also played a vital role in devaluing the Taka (BDT) and ensuring support for export-oriented industries during strikes.

Born on January 15, 1935, in the village of Ramnagar in the Narsingdi District, he passed away on July 28, 2021. His younger brother, Bir Sreshtho flight lieutenant Matiur Rahman, is celebrated for his sacrifices during the 1971 Liberation War. He was married to Jahanara Alam, and they had four sons.