Former SBP governor Shamshad Akhtar dies at 71

Shamshad Akhtar, the first and only woman to serve as governor of the State Bank of Pakistan and twice acting finance minister, has died at the age of 71, the finance ministry said on Saturday.

At the time of her death, Akhtar was chairwoman of the Pakistan Stock Exchange, a rare distinction for having headed the country’s central bank, overseen fiscal management and led a key capital markets institution.

She served as the 14th Governor of the State Bank of Pakistan from 2006 to 2009 and then took on the role of acting Finance Minister during caretaker governments formed before the 2018 and 2024 general elections.

Born in Hyderabad, Akhtar received her early education in Karachi and Islamabad and was known for her strong academic background. She received a bachelor’s degree in economics from the University of the Punjab in 1974 and then a master’s degree in economics from Quaid-e-Azam University, Islamabad. She then received a master’s degree in development economics from the University of Sussex in 1977 and a doctorate in economics from the United Kingdom’s Paisley College of Technology in 1980.

Akhtar was also a Fulbright postdoctoral fellow and visiting scholar in the Department of Economics at Harvard University in 1987.

President Asif Ali Zardari has expressed deep sadness over the death of former State Bank of Pakistan Governor Shamshad Akhtar, paying tribute to his lifelong commitment to public service and his role in strengthening the country’s economic governance and financial management.

In a message shared on X by presidential spokesperson Murtaza Solangi, the president said he was deeply saddened by Akhtar’s death and recognized his contributions in the field of economy and public finance. He prayed for the upliftment of the soul of the deceased and offered his sincere condolences to the bereaved family.

The Pakistan Stock Exchange also mourned the loss of its late chairman. “The Board of Directors and Management of the Pakistan Stock Exchange express deep sadness over the passing away of Dr Shamshad Akhtar, Chairman of PSX. Dr Akhtar was a distinguished leader whose legacy and services will always be remembered, PSX wrote.

An economic pillar

Pakistan’s business and financial community is mourning the loss of Dr. Shamshad Akhtar, widely considered one of the country’s most influential economic leaders. Dr. Akhtar played an active and hands-on role during Pakistan’s most difficult financial times, contributing to policy responses to balance of payments pressures and participating in crucial negotiations with the International Monetary Fund (IMF) to help stabilize the economy.

She broke new ground in 2006 when she became the first woman to head the State Bank of Pakistan, serving as governor at a time when banking sector reforms and monetary tightening were central to economic management. His tenure is remembered for strengthening financial regulation and strengthening the independence and credibility of the central bank.

Dr. Akhtar then returned to public service as Minister of Finance in the caretaker governments formed in 2023, where she was tasked with managing fragile economic conditions, collaborating with international lenders, and ensuring continuity of fiscal and monetary policy during political transitions.

Beyond Pakistan, she has built an exceptional global career, holding senior positions in major international institutions. These include serving as vice president of the World Bank for the Middle East and North Africa, executive secretary of the UN ESCAP and senior management positions at the Asian Development Bank, where she oversaw development, governance and financial programs across Asia.

In addition to her public sector roles, Dr. Akhtar has also held leadership positions in Pakistan’s capital markets, including in association with the Pakistan Stock Exchange (PSX), where she served as Chairman of the PSX Board of Directors and contributed to improving corporate governance, market transparency and investor confidence.

While speaking to the Express PK Press Club, former Finance Minister Miftah Ismail expressed deep sadness over the death of Dr Akhtar. “It is a deep sadness to learn of the passing away of Dr Shamshad Akhtar. She was a great Pakistani who made a name for herself both nationally and internationally. May she rest in peace. Ameen,” he said.

“Dr. Shamshad Akhtar was more than an accomplished economist. She was a pioneer who opened doors for women in the financial sector. Her leadership, integrity and resilience made her a role model for generations aspiring to hold positions in economics and public policy,” commented Arif Habib Limited, Head of Research, Sana Tawfik.

I have always admired her. As a woman operating in a traditionally male-dominated financial world, Dr. Akhtar has proven that competence and courage can redefine leadership. She has inspired countless young women to believe that they too have a place at the highest decision-making tables, Tawfik added.

PSX CEO Farrukh H. Sabzwari also expressed his sadness and paid rich tribute to Dr. Shamshad Akhtar. When contacted, he said, “It is with deep sadness that we mourn the passing away of Dr Shamshad Akhtar, Chairman of the Pakistan Stock Exchange. His visionary leadership, dedication and unwavering commitment towards strengthening Pakistan’s financial landscape left an indelible mark on our institution and the country.”

“This is a great loss not only for PSX but for Pakistan as a whole. We extend our deepest condolences to his family and loved ones, and we honor his legacy with gratitude and respect,” he added.

Dr. Akhtar’s legacy extends far beyond the roles she held. Her passing marks the end of an era for Pakistan’s economic leadership, with colleagues and policymakers remembering her as a steady hand during crises and a respected voice on the global financial stage.