The State Bank of Pakistan (SBP) has been working on new currency note designs for two years. However, the process has not been completed yet.
The matter was discussed during a meeting of the Senate Standing Committee on Finance. SBP officials provided an update on the progress on Tuesday.
According to officials, the proposed designs were sent to the Ministry of Finance around one year ago. However, the ministry has not yet provided a response.
The SBP is developing the new notes with improved security features. These features are intended to strengthen the security of Pakistan’s currency.
The proposed designs are currently under review by a federal cabinet committee. The approval process has also involved changes to the designs.
Officials told the committee that the cabinet has already made some changes. Another subcommittee is now reviewing the revised designs.
Further changes could create additional delays in the process. Any major modification may require the designs to go through approval again.
The prolonged process has raised concerns among members of the Senate committee. Chairman Senator Saleem Mandviwalla questioned the slow progress during the meeting.
Mandviwalla said the process had continued for such a long period. He suggested the committee’s current term could end before the new notes are introduced.
The chairman also criticized the delay in preparing the new currency notes. He noted that the SBP has been working on the designs for two years.
The development highlights the lengthy approval process involved in introducing new currency notes. Several government bodies are involved before the designs can be finalized.
The proposed notes must complete the required review and approval stages. Further modifications could extend the process even more.
The SBP has not yet finalized the designs for public issuance. The notes remain subject to review by the relevant government committees.
The new designs are expected to include enhanced security measures. However, officials have not indicated when the final notes will be released.
The Ministry of Finance has yet to respond to the designs submitted by the central bank. This has become another point of concern for lawmakers.
The Senate committee is now closely examining the progress of the currency redesign process. Members have raised questions about the extended timeline.
The process will continue after the relevant committees complete their reviews. Any required changes will also need to follow the established approval procedure.
For now, the proposed currency notes remain at the review stage. The SBP will need further approvals before the designs can move toward issuance.
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The delay has drawn attention to the process of updating Pakistan’s currency. Lawmakers are seeking greater clarity over the timeline and approval stages.
