SBP to introduce new currency notes of all denominations

KARACHI: The State Bank of Pakistan (SBP) has decided to unveil fresh currency notes across all denominations within the country.

This initiative aims to incorporate cutting-edge international security features into the newly printed notes, posing a considerable challenge to those engaged in hoarding illicit funds within the nation.

The forthcoming notes will showcase enhanced attributes, including distinctive coverings, serial numbers, and unique designs.

State Bank of Pakistan Governor Jameel Ahmed revealed that a competition is scheduled for February, inviting innovative designs for the upcoming currency notes.

Emphasizing the global standards in security features, Ahmed emphasized that the introduction of these notes is a pivotal step in combating the circulation of counterfeit currency within the country. He further stated that all aspects concerning the launch of the new currency will be concluded by March 2024.

Governor Ahmed reassured the public that the replacement process for the existing currency will be a gradual and systematic one, avoiding the abrupt upheaval experienced in some other nations, such as India, where a sudden decision led to widespread chaos.

This thoughtful approach ensures a smooth transition and minimizes potential disruptions in the financial system.

Earlier, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) kept the key interest rate unchanged at 22 per cent due to high inflation.

Speaking at a press conference, SBP Governor Jameel Ahmad said that inflation remains high due to the rise in energy prices, warranting an upward revision of the annual target to 23-25pc.