Shamshad Akhtar, Former Central Bank Governor, Dies at 71

KARACHI, Dec 27 – Shamshad Akhtar, who made history as the first and only woman to lead Pakistan’s central bank, has passed away at the age of 71, as confirmed by the Ministry of Finance on Saturday.

At the time of her passing, Akhtar was serving as the chairman of the Pakistan Stock Exchange, a position that uniquely combined elements of Pakistan’s monetary policy, fiscal management, and capital markets.

Akhtar held the role of Governor of the State Bank of Pakistan from 2006 to 2009, later stepping in as the finance minister in caretaker administrations ahead of the 2018 and 2024 general elections.

Finance Minister Mohammad Aurangzeb described her as a principled and dignified figure in Pakistan’s economic narrative, highlighting her integrity, professionalism, and commitment to public service.

“She served her country with integrity and dedication in some of the most senior roles in the business arena,” Aurangzeb remarked, conveying his condolences to her loved ones.

Local reports indicate that she passed away due to cardiac arrest.

Recognized for her extensive international experience in economic policy, Akhtar had also served in prominent positions such as Deputy President at the World Bank and Executive Director at the UN ESCAP, along with work at the Asian Development Bank.

Born in Hyderabad, she pursued her education in Karachi and Islamabad, earning degrees from the University of the Punjab, Quaid-e-Azam University, the University of Sussex, and Paisley Institute of Technology in the UK.