When will SBP roll out newly designed currency notes?

The State Bank of Pakistan (SBP) on Monday said it will begin printing newly designed currency notes of two to three denominations once the federal cabinet gives final approval to the designs.

Speaking at a press conference after announcing the latest monetary policy, SBP Governor Jameel Ahmad said the process of redesigning banknotes was at an advanced stage and printing would commence soon after formal approval.

Responding to a question, the governor said two to three denominations would be printed simultaneously. He added that the new-design notes would be introduced into circulation gradually after the central bank builds the minimum stock required to replace existing notes in a phased manner.

“The process of printing new-design banknotes is at an advanced stage. Printing will start after cabinet approval, and the notes will be released once the required minimum stock is achieved,” he said.

However, Ahmad did not specify which denominations would be introduced first. At present, currency notes in circulation include Rs10, Rs20, Rs50, Rs75, Rs100, Rs500, Rs1,000 and Rs5,000.

The governor said the redesigned notes had already been sent to the government for approval and were later placed before the federal cabinet.

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 constituted a cabinet committee to examine the matter in detail.

According to the statement, the redesign is being carried out in line with modern requirements and with the assistance of international experts.