KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad unveiled on Tuesday a commemorative banknote of Rs75 to mark the 75 years of the central bank’s founding.

The banknote is predominantly blue, which has been chosen to impart a sense of stability associated with a central bank. A distinctive feature of this new banknote is the inclusion of a stylised sketch of the SBP building by renowned calligrapher and artist Syed Sadequain Ahmed Naqvi. The sketch shares space with the traditional portrait of the Quaid-i-Azam on the front of the banknote.

The reverse of the banknote is dedicated to the SBP’s drive of “banking on equality” represented by the portrait of Fatima Jinnah. The reverse also highlights the national commitment to address climate change through the depiction of alternative and sustainable energy sources like wind turbines and solar panels.

Speaking to Dawn, SBP Director Finance Qader Bakhsh said the Rs75 bill is the third commemorative banknote that the SBP has issued in its history of three-quarters of a century. The earlier two commemorative banknotes were issued to mark 50 and 75 years of the country’s founding.

He said the commemorative banknote, which has the status of a legal tender, will not increase the aggregate money supply. “There’ll be 4.3 billion pieces this year, most of which will be replacing the already existing banknotes. The Rs75 banknote will constitute only 65 million pieces,” he said, adding that it’s a “one-time issue” and won’t be repeated.

As for the material of the banknote, Mr Baksh said the currency in Pakistan is made of cotton-based, recyclable paper as opposed to the regular paper or polymer-based printing material that’s often used in other economies.

The commemorative banknote issued in 2022 to mark 75 years of the country’s independence carried the images of the Quaid-i-Azam, Fatima Jinnah, Allama Iqbal and Sir Syed Ahmad Khan. The selection of the three national figures other than the Quaid-i-Azam became somewhat contentious as some people objected to the omission of other notable figures like Liaquat Ali Khan, Pakistan’s first premier.

Published in Dawn, July 5th, 2023