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

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

KARACHI, Jul 04 (APP):Governor State Bank of Pakistan, Jameel Ahmad, on Tuesday, unveiled a commemorative banknote to mark the 75 years of the establishment of SBP in a ceremony held here at the SBP Museum.

The Rs 75 commemorative banknote is predominantly blue which has been chosen to impart a sense of stability associated with a central bank, said a statement issued here adding that a distinctive feature of the banknote was the inclusion of a stylised sketch of the State Bank building by the 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 reverse of the banknote is dedicated to the SBP’s drive of ‘Banking on Equality’, represented on the banknote by the portrait of Mohtarma Fatima Jinnah. The reverse also highlights Pakistan’s national commitment to address climate change through the depiction of alternative and sustainable energy sources, including wind turbines and solar panels.

The central bank governor, speaking at the occasion, highlighted the achievements of SBP specifically focusing on its engagement with commercial banks regarding supervision and developments therein over the years.

He also highlighted the initiatives of the SBP in recent years, with special mention of micro-payment gateway Raast, Roshan Digital Accounts for overseas Pakistanis, encouragement and facilitation of commercial banks for providing digital banking solutions, and development of inclusive policies for different segments of the society including women, youth and agriculturists.

The Governor also spoke about the Strategic Plan of SBP ‘Vision 2028’ and its key areas including bringing inflation to the target level in the medium term, promoting fairness in the banking system, propagating gender-inclusive policies, encouraging green financing, providing a conducive environment for Shariah-compliant banking in line 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 work with the SBP in realising the goals. He also appreciated the hard work put into the SBP commemorative banknote, and congratulated the team members on the successful launch of the banknote.

Addressing the ceremony Deputy Governor SBP Sima Kamil, discussed the positive consequences of women’s participation in the financial sphere and its effects on the quality of financial decisions in the society.

Recognising the gender gap in financial inclusion she highlighted the steps taken by the SBP in collaboration with commercial banks to address this shortcoming. She lauded the results of the Banking on Equality policy spearheaded by the SBP in 2021 and expressed hope that the future would witness a more equitable participation of society in all spheres of life.

The Executive Director-Finance & Risk Management, Muhammad Haroon Rasheed spoke about the evolution of the banknote, from design to printing, and also elaborated the philosophy behind the colour and design elements of the banknote, and highlighted the legal tender status of the banknote.

Director Finance, Qader Bakhsh spoke on the history behind the establishment of the SBP, challenges faced by the SBP following its establishment and made special mention of the people who were instrumental in establishing the SBP as a mature central bank.

Other notable guests at the ceremony were the Deputy Governors, Executive Directors, Managing Directors of the SBP subsidiaries, Chief Executive Officers/Presidents of commercial banks, officers of the SBP and Mr Sibtain Naqvi, grand-nephew of the renowned calligrapher Sadequain Naqvi, who attended the occasion on the special invitation of the SBP.

Earlier, a video of the commemorative banknote was screened to give the guests an overview of the design elements of the banknote and its security features.

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