ISLAMABAD: The State Bank of Pakistan (SBP) will overhaul its entire range of currency notes by the end of 2024, according to SBP Governor Jameel Ahmed.
The new designs will include both polymer and paper notes, aimed at improving security and reducing counterfeiting.
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During a Senate Standing Committee on Finance meeting chaired by Senator Saleem Mandviwalla, the SBP governor announced that the new currency notes will be introduced in phases.
The polymer notes are set to debut first, pending approval from the federal cabinet.
The overhaul will cover all denominations from Rs10 to Rs5,000,
Ahmad said that advanced security features will be incorporated into the new notes to combat counterfeiting. He also noted that the bank is assessing the durability and cost-effectiveness of the polymer notes.
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Despite suggestions from Senator Mohsin Aziz to phase out the Rs 5,000 note to curb corruption, Ahmad stated that the note will be redesigned rather than discontinued.
The Rs 5,000 denomination will remain part of the new currency series.
The transition to the new notes aims to modernise Pakistan’s currency system and improve its security features.
The SBP is working to complete the design and issuance of the new notes by December 2024.