ISLAMABAD: The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, announced on Monday that the central bank plans to issue new currency notes starting in the second half of 2025. These new notes will gradually replace the current series, one denomination at a time, with improved security features.
Ahmad explained that the SBP aims to secure approval from the federal cabinet for the new notes within the next two to three months, ideally before June 2025. The rollout will occur gradually, with each denomination being introduced separately rather than all at once.
However, Ahmad did not specify which denomination would be released first, stating that the decision is yet to be made. Currently, Pakistan’s currency notes include denominations of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000, and Rs5,000.
He emphasized that the new notes will not enter circulation before the start of the 2025-2026 fiscal year, which begins in July 2025.
This announcement from the SBP contrasts with a recent statement from Security Papers Limited (SPL), the company responsible for producing security paper for banknotes. SPL recently disclosed plans to upgrade its manufacturing plant, which is expected to take 18 months. This upgrade is necessary to incorporate international security standards for the new currency series.
In September 2024, the SBP selected winners for its new banknote design competition, a process that began earlier in 2024 with the aim of introducing redesigned currency across all denominations.
Meanwhile, Ahmad also shared updates about upcoming initiatives. The SBP is preparing to launch the “InvestPak” platform, a digital service that will allow individual and corporate investors to directly invest in government debt securities, such as T-bills and Pakistan Investment Bonds (PIBs). The platform is currently in its testing phase, with an official launch expected soon.
Additionally, Ahmad revealed that the SBP is progressing on plans to introduce a Central Bank Digital Currency (CBDC). The central bank is awaiting approval for a legal framework from the government before it can move forward with the project.
