Pakistan's first female central bank head Shamshad Akhtar dies at 71
A trailblazing economist whose leadership reshaped Pakistan’s financial institutions and inspired generations of women in public service
Pakistan and the wider international economic community are mourning the loss of one of its most distinguished and trailblazing leaders, Dr. Shamshad Akhtar, who passed away at the age of 71. Her death marks the end of an era for a figure whose contributions spanned national monetary policy, international finance, and economic governance. �
Reuters +1
Shamshad Akhtar was widely known as the first and only woman to lead the State Bank of Pakistan (SBP), the country’s central bank, a position she held from 2006 to 2009. She later served twice as Pakistan’s caretaker finance minister—first before the 2018 general elections and again leading up to the 2024 polls—a rare role that positioned her at the crossroads of fiscal policy and political transition. At the time of her passing, she was serving as chairperson of the Pakistan Stock Exchange (PSX), reflecting her unparalleled career across almost all tiers of economic leadership. �
Khaleej Times
A Pioneer in Economics and Policy
Born in Hyderabad, Sindh, Shamshad Akhtar pursued a distinguished academic path that laid the foundation for her future impact on economic policy. She earned a Bachelor’s degree in Economics from the University of the Punjab, followed by a Master’s from Quaid-i-Azam University, and advanced degrees in Development Economics from the University of Sussex and a PhD from Paisley College of Technology in the UK. Her academic credentials were further bolstered by a Fulbright fellowship and a visiting fellowship at Harvard University’s Department of Economics—an extraordinary achievement for a woman from Pakistan during her time. �
Pakistan Today
Her career began in earnest at the Asian Development Bank (ADB), where she climbed the ranks to senior leadership roles. Akhtar also worked with the World Bank as Vice President for the Middle East and North Africa and served as the Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP)—positions that highlighted her global stature as an economist. �
Khaleej Times
Breaking Barriers in Monetary Policy
When Dr. Akhtar became governor of the State Bank of Pakistan, she defied entrenched norms in a sector traditionally dominated by men. Her appointment was groundbreaking in Pakistan’s economic history, not only because she was a woman, but because she brought global insight and rigorous analytical skills to the country’s central bank. During her tenure, she worked to strengthen financial regulation, enhance institutional credibility, and navigate complex monetary challenges. �
Pakistan Today
Economists and policymakers have noted that her leadership helped improve Pakistan’s standing in international financial circles and laid the groundwork for future reforms in fiscal management and banking oversight.
Leadership During Political Transitions
Akhtar’s role as a caretaker finance minister placed her at the heart of some of Pakistan’s most sensitive political transitions. Tasked with steering economic policy during election cycles, she displayed a reputation for integrity, professionalism, and steady leadership. Finance Minister Muhammad Aurangzeb described her as a “principled and dignified voice in Pakistan’s economic history,” praising her integrity and decades of public service. �
Khaleej Times
Her repeated selection for critical caretaker roles reflected both bipartisan respect and confidence in her ability to manage fiscal affairs impartially during times of uncertainty.
National and Global Tributes
Tributes poured in from national leaders following the announcement of her death. Pakistan’s President Asif Ali Zardari and Prime Minister Shehbaz Sharif publicly expressed their sorrow, calling her a “devoted public servant” whose contributions to economic governance were profound and lasting. The Chief of Army Staff and other senior officials also extended condolences, highlighting her role in building institutional strength. �
Pakistan Today
International organizations echoed this sentiment. UN ESCAP recognized her work in strengthening regional cooperation and sustainable development, while global financial communities noted her influence on economic policymaking across borders.
A Legacy of Trailblazing Leadership
Shamshad Akhtar’s legacy is multifaceted. She was a pioneer for women in economics, breaking glass ceilings not just in Pakistan but on the global stage. Her career demonstrated that leadership grounded in competence, integrity, and vision can profoundly influence both national policy and international cooperation.
She also served in a rare spectrum of roles—from central banking to fiscal policy, international finance, and capital market governance. Such breadth is unusual even in the careers of top economists, underscoring her exceptional capability and dedication to public service.
Beyond Title: A Role Model
For many young Pakistani women aspiring to careers in economics, finance, or public administration, Dr. Akhtar was more than a title. She was a role model whose achievements proved that talent and hard work can transcend systemic barriers.
Her passing is not only a loss for Pakistan’s economic institutions but for the global community that benefited from her knowledge, perspective, and leadership.
Final Reflection
As Pakistan mourns the passing of one of its most respected economic minds, the impact of Shamshad Akhtar’s work will continue to be felt in policy frameworks, institutional reforms, and the generations of professionals she inspired. In a career that spanned decades, disciplines, and continents, she remained unwavering in her commitment to service—a legacy that will shape economic thought and public leadership for years to come. �
dailyindependent.com.pk
About the Creator
Fiaz Ahmed Brohi
I am a passionate writer with a love for exploring and creating content on trending topics. Always curious, always sharing stories that engage and inspire.
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