The State Bank of Pakistan (SBP) is close to introducing new currency notes and is expected to proceed once formal approval is granted by the federal cabinet. While the development has been largely welcomed, concerns have emerged regarding the status of existing currency notes currently in circulation.
To address these concerns, government officials have clarified that old currency notes will continue to be legal tender even after the launch of the new designs. The existing notes will not be withdrawn abruptly; instead, the transition will take place gradually to ensure public convenience and avoid disruption. Authorities have assured that a phased replacement strategy will be adopted.
According to official sources, the government plans to roll out newly designed currency notes across all denominations, from Rs10 to Rs5,000. These notes will incorporate advanced and modern security features to enhance safety, curb counterfeiting, and strengthen trust in the monetary system. In addition, Pakistan is preparing to introduce polymer (plastic) currency notes for the first time, marking a significant upgrade in durability and security.
Sources further revealed that once the new currency enters circulation, the older notes will remain usable for a defined period. During this time, citizens will be allowed to deposit old notes at banks and exchange them for new ones. Detailed guidelines will be issued to commercial banks and the SBP to ensure the exchange process is smooth and well-coordinated.
Officials indicated that the launch of the new currency is expected sometime in 2026. Currently, around Rs10,260 billion worth of currency is in circulation nationwide, making a carefully managed and gradual replacement essential.
Meanwhile, preparations are nearing completion. The Security Printing Corporation has finalized technical arrangements and developed currency notes with enhanced security features, though final designs still await federal approval. Senior Manager Printing Amir Shams confirmed that consultations with the SBP have been completed and printing could begin within two months once approval is granted.
Sources added that the SBP has shortlisted the final designs and forwarded them to the federal government. A cabinet committee is reviewing the proposals, after which an official printing order will be issued. The government is also considering whether the new currency will be released in phases or all denominations at once.
If approved, the new currency could begin circulating by the end of 2026, representing a major step toward improved security, efficiency, and public confidence in Pakistan’s monetary system.
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