SBP to replace currency notes across various denominations
The State Bank of Pakistan (SBP) has announced plans to replace currency
notes across various denominations, ranging from Rs 10 to Rs 5,000.
SBP Governor Jameel Ahmed informed the Senate Standing Committee on Finance
that the central bank is seeking approval from the federal cabinet to introduce
new currency notes. These updated notes, which will feature enhanced security
measures, are expected to be issued by December 2024. The new denominations
will include Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000.
During the meeting, chaired by Senator Farooq H Naik, the SBP governor
addressed rumors about the discontinuation of the Rs 5,000 note. He clarified
that the note will not be phased out but will instead be redesigned.
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Bank of Pakistan (SBP) planning to introduce new currency notes
In addition to the traditional paper currency, the SBP plans to issue notes
made from polymeric material. Governor Jameel Ahmed mentioned that if these
plastic notes prove to be more durable, they could become a standard
replacement for paper currency in the future.
Senator Mohsin Aziz proposed phasing out the Rs 5,000 note to combat
smuggling, but this suggestion was dismissed by the SBP governor, who
reaffirmed that there are no plans to discontinue the note.
Source: Profit Pakistan