KARACHI, Jan 31: The State Bank of Pakistan (SBP) has announced plans to replace the country’s existing currency notes with new designs for all denominations.
The move aims to incorporate state-of-the-art international security features to tackle the menace of black money hoarding.
SBP Governor Jamil Ahmed outlined the systematic process for executing this currency reform. Interestingly, design contests will be held in February to select the aesthetic themes of the new banknotes. Along with attractive visual elements, the focus is on adding enhanced security features like intricate latices, serial numbers and designs meeting international standards.
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A key aspect is coordinated efforts to curb circulation of counterfeit currency in Pakistan. SBP wants to reinforce legitimacy of the currency and make it resilient against unauthorized replication by adhering to global norms. This is critical for safeguarding the country’s financial stability and maintaining confidence in its monetary system.
Citing India’s experience, Governor Ahmed acknowledged challenges faced by nations undertaking similar exercises in the past. The replacement will be gradual to avoid disruption, reassuring people that financial transactions won’t be unnecessarily hampered through this calibrated approach. The goal is to minimize inconvenience and ensure smooth transition.
All modalities around introducing the new notes are expected to be finalized by March 2024 as the detailed plan takes shape. Governor Ahmed guaranteed the new banknotes will have features specifically designed to deter flow of fake currency, reiterating SBP’s commitment to strengthening integrity of Pakistan’s currency and financial system.
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