The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, announced that all currency notes in circulation will be replaced by the end of this year. This announcement was made during a briefing at the Senate’s Standing Committee on Finance, chaired by Senator Saleem Mandviwalla on Wednesday.
Ahmad shared that the SBP is preparing to roll out new polymer currency notes, with the replacement process expected to be completed by the end of the year. “We are ready to introduce polymer currency notes,” he stated, adding that the first phase will involve the introduction of one denomination, which will be presented to the cabinet for approval.
Addressing concerns about counterfeit currency, the governor assured that the new notes will feature advanced security elements to combat counterfeiting. He also mentioned that the bank is currently evaluating the durability, cost, and long-term feasibility of these polymer notes.
During the meeting, committee member Mohsin Aziz voiced concerns about the Rs5,000 note, arguing that it fosters corruption and should be discontinued. However, Ahmad clarified that there is no plan to phase out the Rs5,000 note. “Suggestions to discontinue it have been made before, but they were not accepted,” he explained. The Rs5,000 denomination will be included in the new currency series.
Ahmad further stressed that it is the responsibility of law enforcement agencies to prevent the misuse of currency notes.
