ISLAMABAD: The State Bank of Pakistan to introduce new currency notes.
State Bank Governor Jameel Ahmed while briefing the Senate Standing Committee on Finance said that new currency notes soon will be introduced in Pakistan.
He stated that new currency note denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 5000 with all new characteristics would be introduced by December 2024.
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The SBP governor also informed the Senate Standing Committee on Finance, which is led by Senator Farooq H Naik, that, contrary to reports, the Rs 5,000 note will not be phased out but rather replaced with a new design.
During the conference, Senator Mohsin Aziz proposed eliminating the Rs 5000 note to combat smuggling, but the SBP governor rejected his proposal.
“The Rs 5,000 note will not be phased out and no such proposals are being considered.” The SBP governor stated.
Reiterating his point, he said that if the life of plastic currency is better than paper currency, it will be used permanently.
Jameel Ahmed informed us that new features will be introduced in new currency notes, and polymer plastic will be used for plastic currency.
Also Read this: State Bank of Pakistan Decision to Introduce New Currency Notes
