SBP mulls discontinuing Rs10 note over rising production costs

The State Bank of Pakistan (SBP) is considering discontinuing the Rs10 currency note due to rising production costs, a senior central bank official told the Senate Standing Committee on Finance.

SBP Deputy Governor Dr Inayat Hussain said the central bank had previously attempted twice to discontinue the denomination and would abolish the Rs10 note when a new series of banknotes is introduced.

He said the existing currency series had been in circulation since printing began in 2005, while the SBP was working on new banknotes featuring enhanced security measures and security threads.

The proposed designs have been reviewed by the federal cabinet, which has also made changes to them, Dr Hussain said. A cabinet subcommittee is currently reviewing the designs, and the new notes will be introduced after the process is finalised.

He added that the SBP had submitted the proposed designs to the Ministry of Finance about a year ago.