SBP Introduces Commemorative Rs75 Banknote to Celebrate Founding Anniversary

SBP Introduces Commemorative Rs75 Banknote to Celebrate Founding Anniversary

Karachi: In a ceremony held at the SBP Museum in Karachi on July 4, 2023, Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, unveiled a special Rs. 75 Commemorative Banknote to mark the 75th anniversary of the SBP’s founding.

The event was attended by distinguished guests, including 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 the renowned calligrapher Sadequain Naqvi, who received a special invitation to attend the occasion.

Amidst applause from the guests, Jameel Ahmed unveiled the Rs. 75 Commemorative Banknote. He took the opportunity to reflect on the SBP’s past achievements, particularly its engagement with commercial banks in terms of supervision and the subsequent developments over the years. He also emphasized recent initiatives undertaken by the SBP, such as the micro-payment gateway Raast, Roshan Digital Accounts for overseas Pakistanis, encouragement of digital banking solutions in commercial banks, and the development of inclusive policies benefiting various segments of society, including women, youth, and agriculturists.

Governor Ahmad further discussed the Strategic Plan SBP Vision 2028, outlining key areas of focus for the SBP during this period. These areas include bringing inflation to the target level in the medium term, promoting fairness in the banking system, implementing gender-inclusive policies, encouraging green financing, facilitating Shariah-compliant banking in line with the directives of the Federal Shariah Court, and transforming the SBP into a technologically advanced and people-centric institution. He expressed hope that the entire banking industry would collaborate with the SBP in achieving these goals. In conclusion, he appreciated the diligent efforts put into the design and launch of the SBP commemorative banknote, congratulating the team members on their success.

Following the Governor’s speech, a video presentation showcased the design elements and security features of the commemorative banknote.

Deputy Governor Ms. Sima Kamil, speaking at the event, highlighted the positive impact of women’s participation in the financial sector and its influence on the quality of financial decision-making in society. Acknowledging the gender gap in financial inclusion, she emphasized the steps taken by the SBP in collaboration with commercial banks to address this issue. She commended the results of the Banking on Equality policy initiated by the SBP in 2021 and expressed optimism for a more equitable participation of society in all aspects of life in the future.

Muhammad Haroon Rasheed, the Executive Director-Finance & Risk Management, discussed the evolution of the banknote, from its design to the printing process. He commended the team members for their dedication to this endeavor and provided insights into the philosophy behind the choice of colors and design elements. He also emphasized the legal tender status of the banknote.

During the event, Director Finance, Qader Bakhsh, delivered an informative talk about the history of the SBP’s establishment, the challenges faced by the organization in its early years, and recognized the key individuals who played pivotal roles in shaping the SBP into a mature central bank.

The commemorative banknote features a predominant blue color, symbolizing stability often associated with central banks. Notably, it showcases a stylized sketch of the State Bank building created by the renowned calligrapher and artist, Syed Sadequain Ahmed Naqvi, alongside the traditional portrait of Quaid-e-Azam on the front side.

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