Dr Shamshad Akhtar, former governor of the State Bank of Pakistan and ex-caretaker federal finance minister, passed away on Saturday after suffering a cardiac arrest, her family sources confirmed. She was widely respected for her contributions to Pakistan’s financial and economic institutions.

Dr Shamshad Akhtar had served as the governor of the State Bank of Pakistan and later held the position of caretaker finance minister, where she played a key role in steering the country’s economy during a challenging period. She was also serving as the chairperson of Pakistan Stock Exchange and Sui Southern Gas Company (SSGC), reflecting her continued involvement in Pakistan’s corporate and financial sectors.

According to sources, Dr Shamshad Akhtar had been actively performing her professional duties until very recently. She attended official engagements at the Pakistan Stock Exchange on Friday, just a day before her passing, highlighting her commitment to public service and institutional leadership.

Her passing has been widely mourned by economists, policymakers and business leaders, who described her as a highly competent, principled and dedicated professional. Many noted that she was among the few women who reached the highest levels of economic policymaking in Pakistan and served as an inspiration for future generations.

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Dr Shamshad Akhtar’s career spanned decades, during which she also represented Pakistan at international financial institutions and contributed to economic reforms and policy development. Her death marks a significant loss for Pakistan’s financial community.

Funeral arrangements are expected to be announced by the family later. Condolences continue to pour in from political, economic and corporate circles, paying tribute to her legacy and services to the country.