Dr Shamshad Akhtar, former governor of the State Bank of Pakistan and ex-caretaker federal finance minister, passed away on Saturday at the age of 71 after suffering a cardiac arrest. At the time of her death, she was serving as chairperson of the Pakistan Stock Exchange.
Widely regarded as one of the country’s most accomplished economists, Dr Akhtar enjoyed a distinguished national and international career spanning several decades. She made history as the first woman to serve as governor of the State Bank of Pakistan. She assumed office on January 2, 2006, for a three-year term. As the 14th governor since the central bank’s establishment in 1948, she played a pivotal role in strengthening economic governance. Furthermore, she advanced financial-sector reforms and strengthened Pakistan’s engagement with global financial institutions.
Inna lillahi wa inna ilayhi raji‘oon.
We mourn the passing of Dr. Shamshad Akhtar — a distinguished leader and economist, Chairperson of Pakistan Stock Exchange, former Governor of the State Bank of Pakistan, former Interim Finance Minister,… pic.twitter.com/g7oED1702P
— PSX (@pakstockexgltd) December 27, 2025She also served twice as federal finance minister in caretaker governments, first in 2018 and later from 2023 to 2024. She managed key economic portfolios during sensitive political transitions.In recognition of her exceptional contributions to economics and public finance, Pakistan awarded her the Nishan-e-Imtiaz, the country’s highest civil honour, on March 23, 2024.
President Asif Ali Zardari expressed deep sorrow over her passing and paid tribute to her contributions to economic management and institutional strengthening. He extended condolences to her family and prayed for her elevation in rank. Finance Minister Muhammad Aurangzeb also mourned her death. He described Dr Akhtar as a dignified, principled, and thoughtful voice in Pakistan’s economic history.
Deeply saddened to learn of the passing of Dr. Shamshad Akhtar. A renowned economist, former caretaker Minister for Finance, Governor of the State Bank of Pakistan, and a devoted public servant, she served the nation with distinction.
She made outstanding contributions to…
— Shehbaz Sharif (@CMShehbaz) December 27, 2025Before leading Pakistan’s central bank, Dr Akhtar built an influential career at the Asian Development Bank. She was appointed Director General of the Southeast Asia Department, during which she represented the Bank for International Settlements and the International Organisation of Securities Commissions. She developed deep expertise in the financial systems of Southeast Asia, Central Asia, and China.
Earlier in her career, she spent a decade with the World Bank in Pakistan, contributing to macroeconomic analysis, fiscal and monetary policy, and financial market development. She authored influential research on taxation, intergovernmental fiscal relations, poverty, and foreign direct investment. In addition, she played a key role in the reforms of Pakistan’s financial regulatory institutions.
Dr Akhtar’s international standing earned her numerous accolades. She earned the title of Asia’s Best Central Bank Governor from Emerging Markets and The Banker. The Wall Street Journal Asia also named her one of the region’s top 10 professional women. She received honours from the presidents of Kazakhstan and Turkmenistan. Furthermore, she served as a global adviser on China’s Belt and Road Initiative and on multiple G20 and United Nations policy platforms.
Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad before earning degrees from the University of Punjab, Quaid-e-Azam University, the University of Sussex and Paisley College of Technology in the United Kingdom. A Fulbright post-doctoral fellow, she also served as a visiting fellow at Harvard University.
