State Bank Rejects Reports of New Designs For Currency Notes

The State Bank of Pakistan (SBP) has categorically rejected social media rumors which claimed that the central bank is planning to introduce new designs of currency notes.

Terming such reports as ‘fake,’ SBP clarified that no proposal to replace the current currency notes is being considered at the moment.

Multiple reports on social networking platforms started doing the rounds over the weekend, claiming that SBP has approved new designs of currency notes to check the rampant circulation of fake currency in the country.

These reports also claimed that the Fine Arts department of Peshawar University designed the new plastic denominations of Rs. 50, 100, 500, and 1,000 currency notes that contained all the latest features.

However, SBP has debunked these reports, which means that the current designs of all denominations of the currency notes will continue for the time being.

Note that this is the second time this month that SBP has been forced to issue a clarification regarding fake news attributed to the central bank.

On 29 October, the National Bank of Pakistan (NBP) faced a cyberattack, which caused disruption in its services.

While millions of public sector’s current and former employees were already suffering due to the non-disbursement of salaries and pensions, reports started doing the rounds that 9 other banks were also affected by the attack on NBP.

On 1 November, SBP strongly rejected such reports and clarified that no bank, other than NBP, faced a cyberattack, adding that no financial loss or data breach has been reported by NBP.