Professor Wahid Uddin Mahmud’s reminiscences about buying savings bonds

Professor Wahid Uddin Mahmud’s reminiscences about buying savings bonds
Professor Wahid Uddin Mahmud’s reminiscences about buying savings bonds

Former Caretaker Government Adviser and Eminent Economist Professor Wahid Uddin Mahmood gave a status on his Facebook page reminiscing about buying a savings bond in 1959.

There he wrote, ‘I bought this Pakistan-era savings account when I was in class seven at Annada School in Brahmanbaria; I can tell by looking at the date of purchase in 1959. While searching for some very old documents, I suddenly saw them, I was about to throw them away.

It no longer has any monetary value. But the memories associated with it are precious. I remembered that then I used to write the family name ‘Chowdhuri’ at the end of my name. (I cut off the last part of the name when I started writing in the newspaper in class eight.) I also vaguely remember that my father gave me 500 rupees and told me to buy the savings paper from the post office.’

He also said, ‘At that time, this sum of money was not insignificant for a middle-class family. Especially compared to what my father was able to save by living a life of extreme honesty and austerity, this amount of savings is a significant investment. It didn’t occur to him at that age. Maybe he wanted to see if I was smart enough to go it alone; Of course, he must have believed that I could. But that was certainly not the only purpose.

He may have calculated who will be where when the term of savings certificate expires after 10 years, maybe I will need the money then, and it will be a sign of his blessing for me. He left us in 1985 at the age of 72. But he never mentioned the savings card either, I never remembered it either.’

In response to various comments, he wrote, ‘I see many people are thinking about the current value of 500 rupees in 1959. That’s a good question. Taking into account inflation in the United States, one dollar back then was worth at least ten dollars today. And the price of one dollar in Pakistan at that time was like 5 rupees. So 500 taka which was equal to 105 dollars at that time is equivalent to 1 thousand 50 dollars today (like 1 lakh taka in Bangladesh).’


The article is in Bengali

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