SBP plans new banknote designs, weighs polymer currency as security upgrade

The State Bank of Pakistan is preparing a comprehensive redesign of all currency notes with enhanced security features and is considering issuing polymer banknotes on a trial basis, SBP Governor Jameel Ahmad said during a parliamentary committee meeting.

The central bank’s board has finalised the designs for all denominations and submitted them to the federal government for final approval, which is awaited, Ahmad said, adding that modern technology would be embedded in the new currency.

He ruled out any plan to withdraw the Rs5,000 note, while Federal Board of Revenue Chairman Rashid Langrial cautioned that tampering with high-denomination currency could destabilise the economy. Senate Standing Committee Chair Saleem Mandviwala said the matter was closed following the governor’s assurance.

Separately, the committee discussed SMS charges linked to ATM transactions. Mandviwala said customers are charged for transaction alerts, while the governor clarified that mandatory alerts are free and charges apply only to optional service messages. He said telecom companies collect the fees directly and the SBP receives no share.

Ahmad said telecom firms have raised SMS charges from Rs0.04 to more than Rs4 per message over the past two years.