The State Bank of Pakistan (SBP) said on Monday that it will begin printing newly designed currency notes of two to three different denominations once the federal cabinet approves the final designs.
Speaking at a press conference after announcing the latest monetary policy, SBP Governor Jameel Ahmad said the process was at an advanced stage, and printing would begin soon after formal approval.
“The process of printing new-design banknotes is at an advanced stage. We will soon start printing, subject to cabinet approval. Two to three currency notes of different denominations will be printed simultaneously,” Jameel said while responding to a question.
Ahmad said the new-design notes would enter circulation gradually once the SBP builds the minimum required stock to replace the existing notes in a phased manner.
“The new-design notes will come into circulation as soon as the central bank achieves the minimum stock to replace the notes currently in circulation,” he said.
However, the governor did not disclose which denominations would be introduced first. Currently, currency notes in circulation include Rs. 10, Rs. 20, Rs. 50, Rs. 75, Rs. 100, Rs. 500, Rs. 1,000, and Rs. 5,000.
He added that the redesigned notes have already been sent to the government for approval and were later forwarded to the cabinet.
“We have sent the new designs to the government for approval, and the government has placed them before the cabinet,” the Governor said.
Earlier this month, the Prime Minister’s Office said the federal cabinet, chaired by Prime Minister Shehbaz Sharif, reviewed proposals for redesigning Pakistan’s currency notes and formed a cabinet committee to examine the matter in detail. The cabinet was informed that the redesign is being carried out in line with modern requirements and with the help of international experts.
The image used in this article is for illustrative purposes only.
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oh yes, now no one can stop us from making progress
This could serve as a great way towards demonetization of 5000 Note
we need it to be very honest.
What was the need for sharing half cooked chicken?????
125 Kay siky khtam kr dain in ki jaga 125 waly note jari kr dain isay ap dakhin gay ka mulk ma bouht ziada sarmiakari ho gi in shaallah
this will just be a wastage of public funds, no positive outcome expected out of it.
03365088269
With change of new notes , my suggestion that paper used for this currency is of low quality which gets deterioated very fast.
New currency should be printed on paper as used fr Pound, Aus Dollars or Euros.
Our cash handling is very much and we need to use better quality paper to last longer and good looking.
It will cost more but we should go for improvement.
Will comment after having a look
Thori see website pay traffic kia ayy ads sey bharr dety hain
Loan 100000
It is a better step to do so but it shall be made of good quality paper 🗞️ becz of it’s immense hand exchange 💱 among individuals 👋🏻
How long the old currency notes will work? Or how much time will be given to change the old ones?
Zainkhan