New currency notes with Governor Jameel Ahmad’s signature to be issued from today: SBP

The State Bank of Pakistan (SBP) will start issuing banknotes bearing the signature of new Governor Jameel Ahmad with effect from December 29, 2022, a statement from the central bank said.

It said that the currency notes will be issued from the offices of SBP Banking Services Corporation (BSC).

The banknotes bearing the signatures of his predecessors would continue to remain in circulation as legal tender, the statement added.

The central bank also announced that the field offices of SBP-BSC would remain open on Saturday to facilitate the public exchange of old design banknotes.

Jameel Ahmad was appointed SBP governor on August 19.

The SBP had been without a full-time governor since Raza Baqir’s tenure ended in May 2022, after which Murtaza Syed took over as acting governor.

RS75 banknote signature controversy

It is pertinent to note that under the SBP rules the banknotes only bear the signatures of a full-fledged governor.

A controversy was triggered in August when the SBP issued a Rs75 commemorative currency note having the signatures of Dr Reza Baqir who had completed his tenure in May after which the SBP clarified its position.

According to SBP spokesperson Abid Qamar, the acting governor doesn’t sign the currency notes due to short tenure and no currency note in the past has been signed by an acting governor.

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“This is the first time the SBP is going to issue a new currency note in the absence of a full-fledged governor,” he clarified in a statement to a local publication.

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

The SBP official further added that the project of an 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 the Rs75 currency note.