Former SBP Governor Shamshad Akhtar dies at 71

Shamshad Akhtar, the first and only woman to serve as State Bank of Pakistan governor and two-time acting Finance Minister, has died at the age of 71, the Finance Ministry said on Saturday.

At the time of her death, Akhtar was serving as chairwoman of the Pakistan Stock Exchange, marking a rare distinction for having run the country’s central bank, overseeing fiscal management and heading a key capital markets institution.

She served as the 14th Governor of the State Bank of Pakistan from 2006 to 2009 and then took over as acting Finance Minister during the interim governments formed ahead of 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. He graduated in Economics from Punjab University in 1974 and later earned a Master’s degree in Economics from Quaid-e-Azam University, Islamabad. He then earned a master’s degree in Development Economics from the University of Sussex in 1977 and a PhD in Economics from Paisley College of Technology in the United Kingdom in 1980.

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

President Asif Ali Zardari expressed deep sorrow over the demise of former State Bank of Pakistan Governor Shamshad Akhtar and paid tribute to her lifelong commitment to public service and her role in strengthening economic governance and financial management in the country.

In a post shared on He prayed for the elevation of the ranks of the soul of the deceased and expressed his deepest 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 their deep sorrow at the passing away of Dr. Shamshad Akhtar, Chairman of PSX. Dr. Akhtar was a distinguished leader whose legacy and service will always be remembered,” PSX wrote.

An economic stalwart

Pakistan’s economic and financial community is mourning the loss of Dr. Shamshad Akhtar, widely regarded as one of the country’s most influential economic administrators. Dr Akhtar played an active and hands-on role during Pakistan’s most difficult financial periods, contributing to policy responses to balance of payments pressures and participating in critical 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 its governor at a time when banking sector reforms and monetary tightening were critical to economic management. His mandate is remembered for strengthening financial regulation and improving the independence and credibility of the central bank.

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

Beyond Pakistan, he built an exceptional global career, holding senior positions in major international institutions. These included serving as Vice President of the World Bank for the Middle East and North Africa, Executive Secretary of the United Nations ESCAP and senior leadership roles at the Asian Development Bank, where she oversaw development, governance and financial programs across Asia.

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

While speaking to the Express PAkGazette, former Finance Minister Miftah Ismail expressed deep sorrow over the demise of Dr Akhtar. “It is deeply sad to hear 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 industry. Her leadership, integrity and resilience made her a role model for generations aspiring to economic and public policy roles,” said Sana Tawfik, Research Director, Arif Habib Limited.

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

PSX CEO Farrukh H. Sabzwari also expressed his regret 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, Chairperson of the Pakistan Stock Exchange. Her visionary leadership, dedication and unwavering commitment to strengthening Pakistan’s financial landscape have 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 honor his legacy with gratitude and respect,” he added.

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