The State Bank of Pakistan (SBP) is set to undertake a significant overhaul of the country’s currency notes, with plans to replace all existing notes by the end of this year. This announcement was made by SBP Governor Jameel Ahmed during a Senate Standing Committee on Finance meeting, chaired by Senator Saleem Mandviwala.
Governor Ahmed outlined the central bank’s strategy to introduce new polymer currency notes as part of this replacement initiative. The initial phase will involve the launch of a single polymer note, designed to test its security features, durability, and overall effectiveness.
“This note will be prepared and submitted to the Cabinet for approval,” he noted.
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To combat counterfeiting, the new notes will incorporate advanced security features. If the trial phase is successful, the SBP plans to gradually replace all existing notes with the new polymer versions. However, should the new notes fail to meet expectations, the central bank may reassess the decision.
During the meeting, committee member Mohsin Aziz suggested discontinuing the Rs5,000 note, arguing that it contributes to corruption. Governor Ahmed, however, confirmed that there are no plans to eliminate the Rs5,000 note.
The SBP aims to complete the currency replacement process by December 2024, though no exact date has been specified.