KARACHI: The State Bank of Pakistan (SBP) is preparing to introduce a new series of Pakistani currency notes aimed at combating the persistent issue of counterfeiting, which has long affected the country’s economy.
SBP Governor Jameel Ahmad announced on Monday that the first of the redesigned Pakistani currency notes are expected to be released in the latter half of 2025.
Read more: SBP to unveil redesigned currency notes by late 2025 after Cabinet approval
The imitative is part of a broader strategy to improve the integrity of the local currency and restore public confidence in the ruined financial system.
Counterfeiting poses a huge threat to economic stability as it undermines trust in the currency and potentially leading to financial losses for people and businesses.
The SBP aims to mitigate the associated risks by introducing banknotes with advanced security features that align with international standards.
The SBP governor stated that the new Pakistani currency notes will incorporate state-of-the-art security technologies designed to address the growing concerns over the authenticity of currency in circulation.
The rollout of the new notes will occur gradually, with each denomination being introduced separately rather than all at once.
The SBP governor indicated that the State Bank is currently in the process of securing approval from the federal cabinet for the issuance of the new banknotes, with expectation that this will occur within the next two to three months.
However, he did not specify which denominations would be prioritised for release.
Digital Currency
Meanwhile, the State Bank is also advancing plans for a Central Bank Digital Currency (CBDC). This reflects a growing global trend among central banks to explore digital currencies as a means of improving financial security and efficiency.
The SBP is awaiting government approval for a legal framework to facilitate the development of the CBDC, which could further modernise Pakistan’s financial landscape.
Digital Services
The SBP is similarly preparing to launch the “InvestPak” platform, a digital service that will enable a person and corporate investors to directly invest in government data securities. This includes Treasury bills and Pakistan Investment Bonds (PIBs).
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It is currently in the testing phase, with the platform expected to streamline the investment process. This will make it more accessible for the users.