The State Bank of Pakistan (SBP) has approved new designs for currency notes, which will replace the existing notes after the federal government’s approval. Governor Jameel Ahmad shared the update while briefing the Senate Standing Committee on Finance.
According to the SBP governor, the new currency notes will feature enhanced security measures and a fresh colour scheme. Implementation will begin once the federal cabinet gives its approval. The redesigned notes aim to improve safety and usability for citizens across Pakistan.
Governor Ahmad also clarified that there is no plan to discontinue the Rs5,000 note. The Federal Board of Revenue (FBR) chairman warned that abolishing the Rs5,000 note could significantly impact the market. During the committee meeting, three counterfeit Rs5,000 notes were handed to the SBP deputy governor. However, no action was taken, and the notes were not returned.
Committee chairman Saleem Mandviwalla highlighted that the Rs75 note is rarely used in the market. He said that currency should be issued in denominations that are practical and widely accepted. The SBP’s new designs are expected to consider usability while maintaining secure features.
Finance Minister Muhammad Aurangzeb also announced that Panda bonds will be issued in the first quarter of the year. Discussions regarding the bond issuance are ongoing. Committee members asked whether the UAE had rolled over its loan for only one month. The finance secretary clarified that this was not correct and said the question was inappropriate.
The SBP’s decision to redesign notes demonstrates its focus on currency security and modernization. Citizens can expect the gradual introduction of new notes across Pakistan once all approvals are finalized.
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With these changes, the SBP aims to enhance trust in Pakistan’s currency and ensure that banknotes are secure, practical, and suitable for daily transactions.
