SBP Set to Issue New Currency Notes: What Will Happen to Old Notes?

The State Bank of Pakistan (SBP) is close to launching newly designed currency notes, officials say. The move is waiting for final approval from the federal cabinet. As public interest grows, authorities have clarified what will happen to the current notes in circulation.

The government has confirmed that old currency notes will not be cancelled immediately. Both old and new notes will circulate together for a certain period. The transition will happen gradually to avoid confusion and inconvenience for the public.

Old Notes to Remain Valid for Years

Officials said people will continue using existing notes even after the new ones are introduced. A phased replacement plan will be announced later. Under this plan, citizens will be able to exchange old notes through banks over a fixed time frame.

The SBP and commercial banks will receive clear guidelines to manage the exchange smoothly. Authorities stressed there is no need for panic or rush.

New Designs and Better Security

Pakistan plans to introduce new currency designs for all denominations, from Rs10 to Rs5,000. The new notes will include advanced security features to prevent counterfeiting and improve safety in daily transactions.

Officials also revealed that Pakistan is preparing to introduce polymer (plastic) currency notes for the first time. These notes are expected to be more durable and secure than paper notes.

Printing Preparations Almost Complete

Sources said the Security Printing Corporation has completed most technical preparations. The designs have been developed and reviewed in consultation with the SBP.

Amir Shams, Senior Manager Printing at the corporation, confirmed that once final approval is granted, printing could begin immediately. He said modern machinery is already available and printing may take around two months.

Cabinet Approval Still Pending

The SBP has already shortlisted final designs and sent them to the federal government. A special cabinet committee is reviewing the designs before giving approval.

Officials are still deciding whether the new notes will be released in phases or all at once. If approved soon, the new currency could enter circulation by the end of 2026.

Massive Currency in Circulation

Currently, more than Rs10.2 trillion worth of cash is circulating in Pakistan. Because of this large volume, authorities say a careful and gradual replacement is necessary.

The SBP believes the move will boost public confidence, strengthen currency security, and modernise Pakistan’s monetary system.