KARACHI – State Bank of Pakistan is working on new currency notes of all denominations, as the new notes will be issued with divergent designs and updated security features.
A statement issued by the central bank said the process to introduce new currency notes across all denominations, continues with a focus to improve the security and design of the banknotes.
Senate’s Standing Committee on Finance was held to discuss the introduction of digital and plastic currency notes, with significant debate on the potential shift to plastic money.
New Currency in Pakistan
Governor of the State Bank said evaluation of the durability of plastic notes and complete the exercise by the end of this year. Governor also confirmed that all existing currency notes would eventually be replaced.
Committee member expressed concerns about the move towards plastic currency, highlighting ongoing efforts to phase out plastic. He questioned the timing of introducing plastic currency in light of these environmental concerns.
Senator Mohsin Aziz raised issues regarding 5,000 rupee note, calling it a major factor in corruption. He noted that the note is often associated with illicit activities and suggested that eliminating it could help address corruption. Aziz pointed out that when the 5,000-rupee note was first issued, its value was significantly higher.
Pakistan to print new currency notes with updated design; Check all updates here
