The State Bank of Pakistan announced on Monday that printing of new-design currency notes of two to three different denominations will begin as soon as final approval is granted by the federal cabinet. The announcement comes as preparations for the new banknotes have reached an advanced stage.
State Bank Governor Jameel Ahmad made the remarks while addressing a press conference following the announcement of the latest monetary policy. He said that the process of preparing the new currency notes is in its final phase, and printing will commence immediately after cabinet approval is obtained.
The governor stated that most of the work related to the new-design banknotes has already been completed, but the start of printing remains conditional on cabinet approval. He added that during the initial phase, two to three different denominations will be printed simultaneously to facilitate a gradual transition.
According to Jameel Ahmad, the new-design currency notes will not be introduced into the market immediately. Instead, they will be released into circulation in phases once the State Bank has built the minimum required stock to replace the existing notes currently in circulation.
He further explained that once the central bank acquires the necessary reserve to replace the existing banknotes, the new currency notes will be introduced gradually. However, the governor did not specify which denominations would be launched first. At present, the currency notes in circulation in Pakistan include denominations of Rs10, Rs20, Rs50, Rs75, Rs100, Rs500, Rs1,000, and Rs5,000.
The governor also informed us that the new currency note designs have already been sent to the government for approval and have since been placed before the federal cabinet for consideration.
It is worth noting that earlier this month, the Prime Minister’s Office stated that the federal cabinet, under the chairmanship of Prime Minister Shehbaz Sharif, reviewed proposals related to the new design of Pakistani currency notes and formed a cabinet committee to further deliberate on the matter. The cabinet was informed that the new currency note designs are being developed in line with modern requirements and with the assistance of international experts.
