Why Rs75 currency plain note carrying the signature of a former governor: clarification

KARACHI: The signature of former governor State Bank of Pakistan (SBP) Dr. Reza Baqir on the Rs 75 commemorative currency note is appearing as per the practice that currency notes are signed by full-fledged governor, the SBP clarified on Monday.

The printing of the signature of former governor SBP on a Rs75 commemorative banknote to mark the 75th Anniversary of Pakistan’s Independence has created a debate on social media as to why the signature of former governor has been printed on the banknote?

Most people, without knowing the facts and the SBP rules, raise the question: how can the SBP put the signature of a former governor on a new currency note?

In this regard, Abid Qamar Chief spokesman SBP told Business Recorder on Monday that the acting governor doesn’t sign the currency notes due to very short tenor. No currency note in the past has been signed by an acting governor. This is the first time the SBP is going to issue a new currency note in the absence of a full-fledged governor.

He added that the signature of the new governor, if appointed before the start of the printing in the first week of September, will appear on the Rs75 commemorative currency note.

The three-year term of Dr Reza Baqir, Governor SBP expired on May 4 and the federal government decided not to reappoint him for another tenure.

After the completion of Dr Reza Baqir’s tenure, the federal government, as per SBP Act 1956, appointed Dr. Murtaza Syed (the most senior deputy governor) as acting governor of the State Bank till the appointment of a full-fledged governor.

Although the acting governor SBP has full powers of governor, its signature is not normally printed on the currency notes.

The SBP official further said that the project of Rs75 commemorative banknote to mark the 75th Anniversary of Pakistan’s Independence was initiated in the tenure of Dr. Reza Baqir, therefore his signature has been printed on the design of Rs75 currency note.

The SBP has unveiled the design and features of Rs75 commemorative banknote. “The printing of Rs75 currency note will start soon, meanwhile during this period if a full-fledged governor is appointed then his signature will be printed on the note,” he added.

Copyright Business Recorder, 2022