This is the latest news about New Pakistani Currency Notes. In an effort to introduce new banknotes with enhanced security features, State Bank of Pakistan (SBP) Governor Jameel Ahmad announced on Monday that the central bank would issue the first new currency note in the second half of 2025, gradually replacing all of the current notes.
Following a press conference on the new monetary policy, Jameel Ahmad told reporters that the central bank would obtain the federal cabinet’s approval to issue the new banknotes “maximum in the next two to three months… (and) before June 2025.” According to the SBP chief, the currency notes of all current denominations would be issued one at a time rather than all at once.
However, he did not reveal which dominance note would be issued initially. “A decision has not yet been made.” The seven currency notes that are currently in use in Pakistan are Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1,000, and Rs. 5,000. Newly designed currency notes will not be in circulation prior to the start of the new fiscal year (July 2025–June 2026), Jameel Ahmad made clear.
A recent statement from Security Papers Limited (SPL), a business that manufactures and sells specialized paper for banknote and non-banknote security documents, appears to contradict the SBP governor’s announcement regarding the new notes. Last week, the SPL sent a notice to the Pakistan Stock Exchange outlining its plans to upgrade its plant, which should be finished in 18 months.
SPL disclosed that its paper manufacturing equipment was put into service in 2004 and that it is urgently necessary to upgrade it to support the new banknote series by adding security features that are already in use around the world. “Therefore, SPL would be upgrading the plant to meet the requirements for our key customer and to ensure business continuity,” the SPC wrote in the notice.
The SBP revealed the winners of its contest for the new banknote series’ designs in September 2024. In January 2024, the central bank started the process of creating and issuing new banknotes in all of the current denominations. In order to generate creative and themed design concepts for the new currency note series, it announced an art competition in March 2024.
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InvestPak soon, future digital currency
At the press conference, Ahmad stated that the central bank was prepared to introduce the InvestPak platform, which would allow both individual and corporate investors to make direct investments in government debt securities, such as Pakistan Investment Bonds (PIBs) and T-bills.
“The platform is currently undergoing testing and will be launched shortly,” he stated. After downloading and installing the app, investors were able to make investments through the platform. The sovereign debt securities could then be sold on the secondary market.
Currently, a laborious procedure is followed by individual and corporate investors who purchase T-bills and PIBs through commercial banks. In response to a query, Ahmad stated that the SBP was developing the capacity to eventually introduce its own central bank digital currency (CBDC). According to the SBP governor, the central bank is awaiting the government’s approval of a bill that would give it the legal foundation to move forward with work on CBDC.
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