LAHORE – The Rs5,000 and Rs1,000 banknotes are Pakistan’s two highest denominations, and the cost of producing a single note may surprise you.
The cost of producing a banknote of one of these denominations was revealed during a meeting of the Senate Standing Committee on Finance chaired by Senator Saleem Mandviwala.
The State Bank of Pakistan (SBP) officials told the Senate committee the production cost of both Rs5,000 and Rs1,000 banknotes is approximately Rs14 per note.
The SBP officials told the committee that the Rs5,000 note was designed around 20 years ago and that work is now underway on a new design intended to remain in use for the next two decades. New security features are also being incorporated into the currency notes.
SBP Mulls Discontinuing Rs10 Banknote
The committee was also informed that the Rs10 banknote is being phased out because its production cost is considered relatively high. Once the process is completed, the Rs20 note would become the country’s smallest denomination.
Mandviwalla questioned the pace of the new currency design process, saying the committee’s term could end before the new notes are introduced.
During the meeting, he also recalled giving three Rs5,000 notes to an SBP deputy governor two years ago, claiming that one of them was counterfeit. He said the three notes had still not been returned.
Officials said the new currency designs are currently being finalized through a Cabinet subcommittee. Senator Anusha Rahman questioned why the central bank was not using artificial intelligence in the design process and expressed concerns that the approval procedure could cause further delays.
SBP officials said the new notes would include enhanced security features as part of the redesign process.
