SBP denies rumors of issuing new design of banknotes

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KARACHI: Reference the news items circulating in social media regarding the issuance of new design banknotes of different denominations, the State Bank of Pakistan (SBP) categorically and vehemently denies and rejects all such news items. There is no plan whatsoever to issue new design banknotes in the near future.

It is further clarified that the SBP Act, 1956 clearly delineates the functions of different authorities in the matter of selection of design and form of banknotes. Specifically, section 27 of the Act requires a recommendation of Board of Directors of SBP before the Federal Government makes any decision concerning design, form and material of banknotes.

The SBP Board has not submitted any recommendation in this respect, to Federal Government or Cabinet. The public is requested to pay no heed to any such rumour-mongering which is aimed at creating unnecessary hype and anxiety in the general public.

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