SBP Governor Jameel Ahmed announced that the State Bank of Pakistan (SBP) plans to replace all of the country’s currency notes within the year.
He shared this information during a meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwala.
SBP Governor Jameel Ahmed stated that the central bank is moving forward with replacing all notes. The process of replacing the notes is expected to be completed by the end of this year.
He added that new polymer currency notes are set to be introduced. The initial phase involves launching one polymer note to test its security features, lifespan, and other attributes. “This note will be prepared and submitted to the Cabinet for approval,” he added.
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He also highlighted that advanced features to prevent counterfeiting are being incorporated into the new notes. The governor said that if the trial phase is successful, additional notes will be gradually replaced. However, if the new currency fails the tests, the central bank may reconsider issuing them.
Committee member Mohsin Aziz proposed discontinuing the Rs5,000 note, citing its role in corruption. In response, the SBP governor stated that there are no current plans to eliminate the Rs5,000 note.
The governor informed the Senate committee that the currency note replacement process is expected to be completed by December 2024, although no specific date was provided.
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