On Wednesday, Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, informed the Senate Standing Committee on Finance and Revenue that the central bank plans to replace all existing currency notes, from Rs. 10 to Rs. 5,000, by the end of 2024.

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The new currency notes will be made of polymer, which is expected to help prevent counterfeiting. After federal cabinet approval, the SBP will start with a test note made from polymer paper. If these new notes are verified to be durable and secure, they will be introduced across the country.

Governor Ahmed also assured the committee that the Rs. 5,000 note will not be demonetized. Despite concerns about its likely misuse in the informal market, the note will be part of the new design series. He highlighted that it is up to law enforcement agencies to address misuse issues.

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