The State Bank of Pakistan (SBP) has refuted reports suggesting that it was considering issuing polymer currency notes instead of its traditional paper-based banknotes.
In a statement, the central bank stated, “The SBP categorically denies news reports about issuance of polymer banknotes series,” dismissing such rumours as “baseless and without substance.”
Earlier this week, a bank in Karachi encountered a controversy when it received banknotes with “misprinted” Rs1,000 notes having blank back sides.
Addressing this incident, the SBP clarified that the risk of such errors persists due to the extensive printing and production of currency notes.
In January this year, the central bank announced plans to introduce new currency notes featuring international security features.
“The new notes will be printed with an international security feature. The notes will have new serial numbers, designs, and high-security features,” stated SBP Governor Jameel Ahmad, emphasizing that the transition would not cause disruption.
While it typically takes two to three years to launch a new banknote series, the SBP aims to complete the process within the next two years, as indicated in a subsequent press release.
Regarding the withdrawal of the existing series of notes from circulation, the bank assured that any decision in this regard would be made gradually and in phases once the new banknotes are sufficiently circulated.