Shamshad Akhtar
Encyclopedia
Dr Shamshad Akhtar was appointed by the President
Pervez Musharraf
as the governor of the State Bank of Pakistan
for three years in December 2005. She is the 14th governor of the State Bank and the first female to assume this position. Previously, she also held positions with the Asian Development Bank
.
Born in the city of Hyderabad, Sindh
, Dr Akhtar completed her Ph.D in Economics
from Scotland's
Paisley College of Technology
. She has an M.S. in Economics
from Quaid-e-Azam University in Islamabad
and an M.A. in Development Economics
from the University of Sussex
, England
. In 1987 she attended Harvard University
under the Fulbright programme
. Furthermore, she served in the World Bank
prior to joining the State Bank of Pakistan.
Dr. Shamshad Akhtar took over as Governor, State Bank of Pakistan
on January 2, 2006 for a three-year term. Dr. Akhtar, who is the first woman and the 14th Governor of the State Bank since its inception in July, 1948 brings rich experience, both national and international, to her new assignment.
Prior to her appointment as SBP Governor, Dr. Akhtar has been serving the Asian Development Bank
(ADB) as its Director General, Southeast Asia Department since January, 2004. Earlier, she was Deputy Director General of the Department. She also held the position of Director, Governance, Finance and Trade Division for East and Central Asia Department of ADB.
Dr. Akhtar began her career in ADB in 1990 and rose to the position of Manager in 1998 after serving as Senior and Principal Financial Sector Specialist. She has been ADB’s Coordinator for APEC Finance Ministers Group from 1998–2001 and has served on a number of ADB committees including the Reorganization Committee, Appeals Committee and Oversight Committee etc. She has interfaced and represented the Asian Development Bank at the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO). She has developed a broad regional expertise in financial and economic matters of Central Asian Republics & Southeast Asia including the People’s Republic of China.
Before joining the ADB, Dr. Akhtar worked for 10 years as an Economist in the World Bank’s Resident Mission in Pakistan. In Pakistan, she also worked briefly with the Planning Offices of both the Federal and Sindh Governments. She dealt with wide ranging subjects which covered analysis of macroeconomic situation, finance and money and structural reforms of key sectors including industry and agriculture. Her work included papers on taxation system of Pakistan, state of inter-governmental fiscal relations, poverty incidence & its dimensions and foreign direct investment etc. Dr. Akhtar also contributed to the development of diversification of financial markets including the analysis of monetary policy and state of banking industry (at the World Bank) and restructuring of the Securities & Exchange Commission, Insurance Commission and worked closely with the private sector including the stock exchanges of Pakistan. She has been advising the central banks on reforms of financial markets. Dr. Akhtar has also been dealing with the banking sector’s legal, regulatory and institutional reforms while advising on diversification of the industry to exploit long term funding through development of bond market.
President of Pakistan
The President of Pakistan is the head of state, as well as figurehead, of the Islamic Republic of Pakistan. Recently passed an XVIII Amendment , Pakistan has a parliamentary democratic system of government. According to the Constitution, the President is chosen by the Electoral College to serve a...
Pervez Musharraf
Pervez Musharraf
Pervez Musharraf , is a retired four-star general who served as the 13th Chief of Army Staff and tenth President of Pakistan as well as tenth Chairman of the Joint Chiefs of Staff Committee. Musharraf headed and led an administrative military government from October 1999 till August 2007. He ruled...
as the governor of the State Bank of Pakistan
State Bank of Pakistan
The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
for three years in December 2005. She is the 14th governor of the State Bank and the first female to assume this position. Previously, she also held positions with the Asian Development Bank
Asian Development Bank
The Asian Development Bank is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia...
.
Born in the city of Hyderabad, Sindh
Hyderabad, Sindh
is the second largest city in the Sindh province of Pakistan. It is the seventh largest city in the country. The city was founded in 1768 by Mian Ghulam Shah Kalhoro upon the ruins of a Mauryan fishing village along the bank of the Indus known as Neroon Kot...
, Dr Akhtar completed her Ph.D in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Scotland's
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
Paisley College of Technology
University of Paisley
The University of the West of Scotland is a university operating from four campuses in south-western Scotland, in the towns of Paisley, Hamilton, Ayr and Dumfries. The present institution dates from August 2007, following the merger of the University of Paisley with Bell College, Hamilton...
. She has an M.S. in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Quaid-e-Azam University in Islamabad
Islamabad
Islamabad is the capital of Pakistan and the tenth largest city in the country. Located within the Islamabad Capital Territory , the population of the city has grown from 100,000 in 1951 to 1.7 million in 2011...
and an M.A. in Development Economics
Development economics
Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example,...
from the University of Sussex
University of Sussex
The University of Sussex is an English public research university situated next to the East Sussex village of Falmer, within the city of Brighton and Hove. The University received its Royal Charter in August 1961....
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. In 1987 she attended Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
under the Fulbright programme
Fulbright Program
The Fulbright Program, including the Fulbright-Hays Program, is a program of competitive, merit-based grants for international educational exchange for students, scholars, teachers, professionals, scientists and artists, founded by United States Senator J. William Fulbright in 1946. Under the...
. Furthermore, she served in the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
prior to joining the State Bank of Pakistan.
Dr. Shamshad Akhtar took over as Governor, State Bank of Pakistan
State Bank of Pakistan
The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
on January 2, 2006 for a three-year term. Dr. Akhtar, who is the first woman and the 14th Governor of the State Bank since its inception in July, 1948 brings rich experience, both national and international, to her new assignment.
Prior to her appointment as SBP Governor, Dr. Akhtar has been serving the Asian Development Bank
Asian Development Bank
The Asian Development Bank is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia...
(ADB) as its Director General, Southeast Asia Department since January, 2004. Earlier, she was Deputy Director General of the Department. She also held the position of Director, Governance, Finance and Trade Division for East and Central Asia Department of ADB.
Dr. Akhtar began her career in ADB in 1990 and rose to the position of Manager in 1998 after serving as Senior and Principal Financial Sector Specialist. She has been ADB’s Coordinator for APEC Finance Ministers Group from 1998–2001 and has served on a number of ADB committees including the Reorganization Committee, Appeals Committee and Oversight Committee etc. She has interfaced and represented the Asian Development Bank at the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO). She has developed a broad regional expertise in financial and economic matters of Central Asian Republics & Southeast Asia including the People’s Republic of China.
Before joining the ADB, Dr. Akhtar worked for 10 years as an Economist in the World Bank’s Resident Mission in Pakistan. In Pakistan, she also worked briefly with the Planning Offices of both the Federal and Sindh Governments. She dealt with wide ranging subjects which covered analysis of macroeconomic situation, finance and money and structural reforms of key sectors including industry and agriculture. Her work included papers on taxation system of Pakistan, state of inter-governmental fiscal relations, poverty incidence & its dimensions and foreign direct investment etc. Dr. Akhtar also contributed to the development of diversification of financial markets including the analysis of monetary policy and state of banking industry (at the World Bank) and restructuring of the Securities & Exchange Commission, Insurance Commission and worked closely with the private sector including the stock exchanges of Pakistan. She has been advising the central banks on reforms of financial markets. Dr. Akhtar has also been dealing with the banking sector’s legal, regulatory and institutional reforms while advising on diversification of the industry to exploit long term funding through development of bond market.