Governor SBP unveils Rs 75 commemorative banknote to mark 75 SBP years

In a ceremony performed at the SBP Museum on Tuesday, Governor State Bank of Pakistan Jameel Ahmad revealed a commemorative banknote to mark the 75th anniversary of the establishment of the SBP.

According to a statement, the Rs 75 commemorative banknote is predominantly blue, which has been chosen to impart a sense of stability associated with a central bank. Another distinguishing feature of the banknote is the inclusion of a stylized sketch of the State Bank building by renowned calligrapher and artist, Syed Sadequain Ahmed Naqvi, which shares space with the traditional portrait of the Quaid on the front of the banknote.

The banknote’s reverse is dedicated to the SBP’s ‘Banking on Equality’ campaign, which is depicted by a portrait of Mohtarma Fatima Jinnah. The reverse emphasizes Pakistan’s national commitment to combating climate change by displaying alternate and sustainable energy sources such as wind turbines and solar panels.

Speaking at the event, the central bank governor emphasized the SBP’s accomplishments, particularly its interaction with commercial banks regarding supervision and developments over the years.

He also emphasized the SBP’s recent initiatives, highlighting the micro-payment gateway Raast, Roshan Digital Accounts for overseas Pakistanis, encouraging and facilitating commercial banks to provide digital banking solutions, and developing inclusive policies for various segments of society, including women, youth, and agriculturists.

The Governor also discussed the SBP’s ‘Vision 2028’ Strategic Plan and its key areas, which include bringing inflation to the target level in the medium term, promoting fairness in the banking system, spreading gender-inclusive policies, encouraging green financing, providing a conducive environment for Shariah-compliant banking in accordance with the directives of the Federal Shariah Court, and transforming the SBP into a high-tech, people-centric institution.

He expressed hope that the whole banking industry would collaborate with the SBP to achieve the aims. He also praised the team members for their efforts on the SBP commemorative banknote and complimented them on the currency’s successful debut.

Deputy Governor SBP Sima Kamil addressed the occasion, discussing the positive repercussions of women’s participation in the financial field and its effects on the quality of financial decisions in society.

Recognizing the gender gap in financial inclusion, she emphasized the SBP’s efforts in conjunction with commercial banks to close it. She praised the results of the SBP’s Banking on Equality strategy, which was launched in 2021, and expressed confidence that the future would see more equitable participation of society in all aspects of life.

Muhammad Haroon Rasheed, Executive Director-Finance & Risk Management, discussed the evolution of the banknote, from design to printing, as well as the concept behind the banknote’s color and design aspects, and emphasized the banknote’s legal tender status.

Qader Bakhsh, Director of Finance, spoke about the history of the SBP’s founding, the obstacles the SBP encountered after its establishment, and the persons who were crucial in developing the SBP as a mature central bank.

Deputy Governors, Executive Directors, Managing Directors of SBP subsidiaries, Chief Executive Officers/Presidents of commercial banks, SBP officers, and Mr Sibtain Naqvi, grand-nephew of renowned calligrapher Sadequain Naqvi, also attended the ceremony on the SBP’s special invitation.

Earlier, a video of the commemorative banknote was shown to provide guests an idea of the denomination’s design characteristics and security measures.

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