Pakistan’s financial community is in mourning following the passing of Dr. Shamshad Akhtar, the nation’s first and only female central bank governor, at age 71. The Finance Ministry confirmed her death on Saturday, which local media attributed to cardiac arrest.
Dr. Akhtar’s remarkable career spanned decades and included groundbreaking leadership roles across Pakistan’s economic landscape. She made history as Governor of the State Bank of Pakistan from 2006 to 2009, breaking gender barriers in the country’s financial sector. At the time of her passing, she was serving as Chairperson of the Pakistan Stock Exchange, demonstrating her enduring influence on the nation’s capital markets.
Her expertise was sought during critical transitional periods, with Akhtar twice assuming the role of caretaker Finance Minister ahead of the 2018 and 2024 general elections. This unique dual responsibility in both monetary policy and fiscal management established her as one of Pakistan’s most versatile economic minds.
Current Finance Minister Muhammad Aurangzeb paid tribute to Akhtar as “a principled and dignified voice in Pakistan’s economic history,” highlighting her unwavering integrity, professional excellence, and decades of dedicated public service. “She served the country with honesty and dedication in some of the most senior economic roles,” Aurangzeb stated in an official communique.
Beyond Pakistan’s borders, Akhtar built an impressive international reputation through senior positions at global financial institutions. Her distinguished career included serving as Vice President at the World Bank, Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), and significant roles at the Asian Development Bank.
Educated across multiple continents, Akhtar held degrees from the University of the Punjab, Quaid-i-Azam University, the University of Sussex, and the UK’s Paisley College of Technology. Her academic background, combined with her extensive practical experience, made her one of Pakistan’s most qualified economic policymakers on the global stage.
Born in Hyderabad and educated in Karachi and Islamabad, Akhtar’s journey from local academia to international financial leadership served as an inspiration to women across Pakistan and throughout the global economic community.