ISLAMABAD: Pakistan is set to redesign its currency notes of all denominations as the State Bank of Pakistan (SBP) has submitted a formal proposal to the federal cabinet, SBP Governor Jameel Ahmad informed a parliamentary committee on Tuesday.
The governor said that the SBP board has finalized new designs for all banknotes, incorporating modern and advanced security features, and has forwarded them to the federal government for final approval. “The issuance of the new currency will begin once the federal cabinet grants approval,” Ahmad said.
He added that the central bank is also considering the experimental introduction of polymer (plastic) currency notes to enhance durability and security. Clarifying concerns, the SBP governor stated that there is no proposal to discontinue the Rs5,000 note.
During the meeting, FBR Chairman Rashid Mahmood Langrial cautioned that any move to withdraw the Rs5,000 note could create economic instability. Committee Chairman Saleem Mandviwalla said the matter was settled after the SBP’s clarification.
The committee also discussed bank charges on SMS alerts, with the governor explaining that mandatory alerts are free, while charges apply only to optional services and are paid directly to telecom companies.
Additional issues raised included banking documentation requirements and the use of non-dollar currencies in international trade.
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