Dr Shamshad Akhtar, Pakistan’s first and only woman to serve as Governor of the State Bank of Pakistan (SBP) and a two-time caretaker finance minister, passed away at the age of 71, the Ministry of Finance confirmed on Saturday. Her death marks the loss of one of the country’s most respected and accomplished economic leaders, whose career spanned central banking, fiscal management, capital markets, and global development institutions.
At the time of her passing, Dr Akhtar was serving as Chairperson of the Pakistan Stock Exchange (PSX), a role that reflected her continued engagement with Pakistan’s financial system even in the later years of her career. Her leadership of the PSX added to a rare distinction, as she had previously headed the country’s central bank and overseen fiscal policy during politically sensitive transition periods.
Dr Akhtar served as the 14th Governor of the State Bank of Pakistan from 2006 to 2009, becoming the first woman to lead the institution. Her tenure coincided with a period of significant banking sector reforms and tightening monetary conditions, during which she focused on strengthening regulatory frameworks, enhancing institutional independence, and improving financial stability. Her leadership helped reinforce the credibility of the central bank at a critical time for the economy.
She later returned to public service as caretaker finance minister during the interim governments formed ahead of the 2018 and 2024 general elections. In these roles, she was entrusted with managing fragile economic conditions, maintaining policy continuity, and engaging with international financial institutions, including the International Monetary Fund, amid balance-of-payments pressures.
Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She built a strong academic foundation, earning a BA in Economics from the University of Punjab in 1974, followed by an MSc in Economics from Quaid-e-Azam University, Islamabad. Her academic journey continued abroad, where she completed an MA in Development Economics from the University of Sussex in 1977 and later obtained a PhD in Economics from Paisley College of Technology in the United Kingdom in 1980. She was also a Fulbright postdoctoral fellow and served as a visiting fellow at Harvard University’s Department of Economics in 1987.
Beyond Pakistan, Dr Akhtar enjoyed a distinguished global career. She held senior leadership roles at major international institutions, including serving as Vice President of the World Bank for the Middle East and North Africa region and as Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). She also served in senior positions at the Asian Development Bank, where she oversaw development, governance, and financial programs across Asia.
President Asif Ali Zardari expressed deep sorrow over her passing, paying tribute to her lifelong commitment to public service and her contributions to strengthening economic governance and financial management in Pakistan. In a statement shared by Presidential Spokesperson Murtaza Solangi on X, the president offered prayers for the departed soul and extended condolences to her family.
The Pakistan Stock Exchange also mourned the loss of its chairperson, with the board and management describing Dr Akhtar as a distinguished leader whose service and legacy would always be remembered. Former finance minister Miftah Ismail also expressed grief, calling her a great Pakistani who earned respect both nationally and internationally.
Industry professionals echoed similar sentiments, highlighting her role as a trailblazer for women in a traditionally male-dominated financial sector. Market leaders noted that her integrity, resilience, and leadership inspired generations of economists and policymakers.
Dr Shamshad Akhtar’s passing marks the end of an era in Pakistan’s economic leadership. Remembered as a steady hand during crises and a respected voice on the global financial stage, her legacy continues to shape the institutions she served and the many professionals she mentored throughout her remarkable career.
Follow thePakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.