The State Bank of Pakistan (SBP) has announced that it will begin printing newly designed currency notes of two to three different denominations once the federal cabinet gives final approval to the designs.
Speaking at a press conference after unveiling the latest monetary policy, SBP Governor Jameel Ahmad said the redesign process is already at an advanced stage, and printing will start soon after formal clearance.
He said two to three denominations will be printed at the same time, but did not specify which ones would be introduced first. At present, Pakistan has currency notes of Rs10, Rs20, Rs50, Rs75, Rs100, Rs500, Rs1,000 and Rs5,000 in circulation.
The governor explained that the new-design notes will not enter the market immediately. Instead, they will be released gradually once the central bank builds the minimum required stock to replace existing notes in a phased manner.
Jameel Ahmad added that the redesigned notes have already been shared with the government and subsequently placed before the federal cabinet for approval.
Earlier this month, the Prime Minister’s Office said the federal cabinet, chaired by Prime Minister Shehbaz Sharif, reviewed proposals for redesigning Pakistan’s currency notes and set up a cabinet committee to examine the matter in detail. The government was informed that the redesign is being carried out in line with modern requirements and with the assistance of international experts.
