Here’s when Pakistan to introduce new currency notes

ISLAMABAD: In a significant development, State Bank of Pakistan (SBP) has announced plans to replace all existing currency notes from Rs. 10 to Rs. 5,000 by the end of this year.

Governor Jameel Ahmed informed the Senate Standing Committee on Finance and Revenue on Wednesday that the central bank will introduce new polymer currency notes, subject to federal cabinet approval.

The process will begin with a test note made from polymer paper to assess its durability and security features.

If successful, the new notes will be rolled out nationwide, replacing the existing paper-based currency notes. This initiative aims to enhance the security and longevity of Pakistani currency notes.

Addressing concerns raised by the committee about the misuse of the Rs. 5,000 note in the informal market, Governor Ahmed clarified that the SBP does not plan to demonetize this denomination.

The introduction of polymer notes is a significant step towards modernising Pakistan’s currency and reducing the risk of counterfeiting.