KARACHI – State Bank of Pakistan on Saturday rubbished the reports regarding issuance of polymer (plastic) banknotes in the country.
SBP strongly refuted the reports as baseless and without substance. “There is no such plan or suggestion currently under consideration regarding change in the substrate of banknotes from paper to the polymer,” it said.
“SBP uses cotton based paper substrate which is manufactured locally by the Security Papers Limited, using primarily local raw materials.”
A day earlier, reports claimed that SBP had planned to introduce plastic currency notes in the country to curb flow of fake banknotes in the market.
The central bank would brief the international Monetary Fund’s (IMF) team, which is in Pakistan for talks on next installment of the $3.3 billion bailout package, on its plan to replace currency notes, the reports had claimed.
Back in 2021, same rumours had also been quashed by the central bank.
