Pakistan plans to introduce 'plastic currency notes'

Governor State Bank of Pakistan (SBP) Jameel Ahmad has announced plans to introduce new currency notes made of plastic, Arab News reported on Thursday.

The decision was revealed by the central bank's head during a meeting of the Senate Standing Committee on Finance and Revenue.

“The Committee reviewed issues regarding digital and plastic currency,” the publication reported citing an an official statement.

“Governor State Bank Jameel Ahmed reported that new currency notes are being developed and that the life span of plastic notes is under evaluation.”

“It was briefed that State Bank will internally finalize the prerequisites of introducing new currency notes by December,” it added.

According to Arab News, the new currency notes will feature enhanced security features and will be tested before issuance based on public acceptance. 

The plastic notes are expected to have a longer lifespan than traditional paper currency.

During the meeting, the SBP governor assured that the new currency design will be finalised internally by December and will be presented to the federal cabinet for approval soon. 

Earlier in March, the SBP denied news reports suggesting that the central bank was mulling issuing a polymer banknotes series instead of the traditional paper-based currency notes.

In January this year, the central bank had announced issuing new currency notes in line with the "international security features".

"The new notes will be printed with an international security feature. The notes will have new serial numbers, designs, and high-security features," the SBP Governor Jameel Ahmad had said.

"Generally, it takes two to three years to launch a new banknote series, however, the SBP intends to complete the process within the next two years," later, the central bank said in a press release.

However, this time the development was confirmed by the SBP Governor himself during the Senate meeting.