Pakistan's former central bank head Shamshad Akhtar dies at 71

Shamshad Akhtar, the first and only woman to lead Pakistan's central bank and a two-time caretaker finance minister, died at 71, the finance ministry said on Saturday.

Akhtar was serving as chairperson of the Pakistan Stock Exchange at the time of her death, giving her a rare role spanning Pakistan's monetary policy, fiscal management and capital markets.

She was governor of the State Bank of Pakistan from 2006 to 2009 and later led the finance ministry in caretaker governments ahead of the 2018 and 2024 general elections.

Finance Minister Muhammad Aurangzeb described Akhtar as a principled and dignified voice in Pakistan's economic history, praising her integrity, professionalism and long public service.

"She served the country with honesty and dedication in some of the most senior economic roles," Aurangzeb said in a statement, offering condolences to her family, friends and colleagues.

Local media reported that she died of cardiac arrest.

Widely regarded as one of Pakistan’s most internationally experienced economic policymakers, Akhtar also held senior positions, including as vice president at the World Bank and executive secretary of the UN ESCAP, and previously worked at the Asian Development Bank.

Born in Hyderabad, she was educated in Karachi and Islamabad and held degrees from the University of the Punjab, Quaid-i-Azam University, the University of Sussex and the UK’s Paisley College of Technology.