State Bank Governor Jameel Ahmed announced on Wednesday that Pakistan’s currency notes will be redesigned by December. Speaking before the Senate Standing Committee on Finance, chaired by Senator Salim Mandviwala, he revealed that the new notes will feature enhanced security measures.
Governor Ahmed elaborated that the State Bank is dedicated to this initiative, with the redesigned notes set to be rolled out after receiving formal approval. The committee also discussed the potential adoption of digital and plastic currencies.
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While the focus remains on traditional notes, the possibility of introducing plastic currency is being considered. If well-received by the public, plastic notes might become a permanent part of the currency system. The prospect of plastic currency sparked debate among committee members. Senator Shahzeb Durrani raised concerns about environmental impacts, questioning the move towards plastic in light of ongoing efforts to reduce plastic usage.
In response, Governor Ahmed assured that the plastic notes will be thoroughly tested for durability and public acceptance. Senator Mohsin Aziz also addressed concerns about the highest denomination note, the 5,000-rupee bill, which is often linked to corruption. He argued that these notes are frequently hidden and used in illicit transactions. The discussion underscored the complexities of managing the nation’s currency and the necessity for careful consideration of any proposed changes.
