Tributes paid to late SBP governor Dr. Shamshad Akhtar

February 06, 2026 (MLN): The State Bank of Pakistan (SBP) held a condolence reference to honor the life and contributions of Dr. Shamshad Akhtar, the country’s first female central bank governor and a globally recognized economist, whose passing represents a significant loss for Pakistan’s financial sector.

Dr. Akhtar, who served as the 14th Governor of SBP in 2006, played a pivotal role in modernizing the central bank and strengthening its regulatory and policy framework.

During her tenure, she oversaw the implementation of SBP’s first Strategic Plan (2005–2010), which introduced the Real Time Gross Settlement (RTGS) system and Basel II standards, enhancing the resilience of Pakistan’s banking system.

She also spearheaded initiatives in financial inclusion, Islamic banking, secured transactions, and branchless banking regulations, while introducing enhanced banknote designs including Pakistan’s first Rs5,000 note, according to a press release by SBP.

Governor SBP, Jameel Ahmad, highlighted her transformative leadership and long-standing contributions to Pakistan’s economic stability.

“Her legacy as an institution builder and dedicated public servant will continue to inspire generations,” he said, offering condolences to her family and colleagues.

The reference was attended by former SBP governors, senior executives from commercial banks, officials from the financial sector, and Dr. Akhtar’s family, including her sister Noshaba Rehman.

Tributes were also paid by former governors Dr. Ishrat Husain, Syed Salim Raza, Dr. Reza Baqir, and industry leaders such as CEOs of NIBAF, Karandaz, PSX, and PBA. A documentary showcasing key milestones of Dr. Akhtar’s career was also screened.

Dr. Akhtar’s contributions extended beyond Pakistan.

She held senior leadership positions at the World Bank, Asian Development Bank, and the United Nations, and twice served as Federal Minister for Finance (Caretaker).

Her work earned her international recognition, including being named Asia’s Best Central Bank Governor, and national awards such as the Nishan-e-Imtiaz.

Her passing marks the loss of a highly respected figure whose reforms in banking, financial inclusion, and economic policy continue to influence Pakistan’s financial markets and institutional governance.

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