SBP finalises designs for new currency notes, sends proposal to cabinet

The State Bank of Pakistan (SBP) Governor Jameel Ahmad said designs for Pakistan’s new currency notes had been finalised and forwarded to the federal cabinet for approval.

The SBP governor disclosed the development during a meeting with members of the Karachi Chamber of Commerce and Industry (KCCI) while responding to questions regarding the delay in the issuance of the redesigned banknotes.

In January 2024, the central bank invited the public to submit designs for new currency notes as part of the process to replace existing banknotes.

The SBP had stated earlier that the redesigned notes would include updated security features aimed at reducing counterfeiting risks.

According to the central bank, the introduction of new currency notes every 15 to 20 years is an established international practice for security and technological reasons.

During the meeting, Jameel Ahmad also clarified that exchange company rates were fully determined by market forces and that the central bank had no direct role in fixing exchange rates.

He further said work was progressing on Pakistan’s licensing and regulatory framework for virtual assets.