State Bank of Pakistan governor, Jameel Ahmed has announced that the central bank will be replacing all currency notes by next year (2025).
The designs for the new notes are expected to be finalized by December and the issuance of these notes will take place in stages. This information was shared with members of the Senate’s Standing Committee on Finance and Revenue.
Ahmed revealed that polymer paper will be used for creating the new currency notes. “We are ready to introduce polymer currency notes,” he stated. He further mentioned that “In the first phase, one denomination will be introduced, which will be presented to the cabinet for approval.”
In order to prevent counterfeiting, advanced security features will also be incorporated into these new notes according to Ahmed. However, he also mentioned that the durability, cost, and long-term viability of polymer notes are still being evaluated by the bank.
During the committee meeting, member Mohsin Aziz expressed concerns about the Rs 5,000 note and suggested discontinuing it as it contributes to corruption. However, Ahmed clarified that there is no proposal under consideration to phase out this denomination.
“Suggestions to discontinue it have been made before, but they were not accepted,” said Ahmed, confirming that the Rs 5,000 note will be a part of the new currency design.
Ahmed also emphasized that preventing misuse of currency notes falls under the responsibility of law enforcement agencies.