SBP remembers services of distinguished economist Dr Shamshad Akhtar

2026-02-08 - 10:16

The State Bank of Pakistan (SBP) paid glowing tributes to the life and legacy of former Governor Dr Shamshad Akhtar, a distinguished economist and reformer whose passing marks a profound loss for the country. SBP Governor, Jameel Ahmad, highlighted Dr Akhtar’s enduring contributions to Pakistan’s financial and economic landscape. Former Governors of SBP, presidents and chief executive officers of commercial banks, senior members of the financial community, and SBP officials attended the reference. Recalling her historic appointment as the 14th Governor of SBP in January 2006, and the first woman to hold the position, Mr Jameel noted that Dr Akhtar’s leadership was both transformative and visionary. She carried forward and deepened institutional reforms, playing a pivotal role in strengthening the central bank’s autonomy, governance, and policy framework. Governor Ahmad emphasised her strategic leadership during the implementation of SBP’s first Strategic Plan (2005–2010), which modernised the Central Bank, enhanced regulatory capacity, strengthened risk surveillance, and aligned SBP with international best practices. Her tenure saw a decisive shift towards modern central banking, including the introduction of the Real Time Gross Settlement (RTGS) system and the implementation of Basel II standards, significantly improving the resilience and stability of Pakistan’s banking system. Dr Akhtar also championed financial innovation and inclusion. Key initiatives under her leadership included the establishment of the Electronic Credit Information Bureau, promotion of Islamic banking through dedicated task forces, strengthening of consumer protection and secured transactions frameworks, and expansion of branchless banking regulations. She is also credited with introducing enhanced, more secure banknote designs, including Pakistan’s first Rs5,000 banknote. Widely respected on the global stage, she held senior leadership roles at the World Bank, Asian Development Bank, and the United Nations, and served twice as Federal Minister for Finance (Caretaker). Her contributions earned international recognition, including being named Asia’s Best Central Bank Governor, and national honours such as the Nishan-e-Imtiaz. SBP Governor extended heartfelt condolences to Dr Akhtar’s family and colleagues, noting that while she will be deeply missed, her legacy as an institution builder and dedicated public servant will continue to inspire generations. A documentary covering major milestones of Dr Akhtar’s life was also broadcast during the session. SBP’s foreign reserves jump by $56 million to $16.157 billion