The State Bank of Pakistan (SBP) has announced its decision to introduce new currency notes featuring enhanced security measures and new serial numbers.
The move aims to combat counterfeit notes and align with international trends.
SBP Governor Jameel Ahmad outlined the procedural steps, which include obtaining approval from the board and subsequently seeking approval from the cabinet.
The governor anticipated the completion of the new banknote design framework by March.
As per information available on the SBP website, the central bank is the exclusive issuer of banknotes in Pakistan.
One of its primary objectives is to ensure an ample supply of high-quality banknotes nationwide.
The SBP follows the practice of issuing new series of banknotes every 10-15 years, demonetizing the earlier series with federal government approval.
The central bank aims to detect counterfeiting and maintain the integrity of banknotes by introducing new designs and phasing out outdated ones.
Reports indicate that the quantity of counterfeit notes detected in the previous two years has remained consistent, with 60 to 70 percent of the detected counterfeits having a denomination of Rs 1,000.
Law enforcement agencies have submitted thousands of counterfeit notes of various denominations to the SBP for examination and appropriate action. Currently, legal tender in Pakistan includes notes with denominations of 10, 20, 50, 75, 100, 500, 1,000, and 5,000 rupees.
