SBP unveils plan to print new currency notes with modernized design

SBP deputy governor acknowledged the need for a robust system to prevent the printing of fake currency.

SBP unveils plan to print new currency notes with modernized design. The State Bank of Pakistan (SBP) has announced its decision to introduce new currency notes across all denominations. Governor Jameel Ahmad revealed the SBP’s decision during an informal conversation with journalists in Karachi, citing the rising complaints about fake notes as a primary driver for this initiative.

The new currency notes will incorporate state-of-the-art International Security Features, printed on advanced materials to enhance the security of legal tender. Additionally, these notes will feature new designs and serial numbers, providing enhanced security measures to curb the circulation of counterfeit currency.

Governor Jameel Ahmad highlighted that the design framework for the new notes is already underway and is expected to be completed by March. This proactive measure comes in response to the alarming circulation of counterfeit currency notes, as noted by the Senate Standing Committee on Finance last year.

During a recent meeting, PPP Senator Salim Mandviwala underscored the gravity of the situation by presenting a bundle of counterfeit Rs5000 notes, emphasizing the need for swift action to address the issue. The central bank has acknowledged the challenge posed by counterfeit currency and has committed to implementing measures to tackle the problem effectively.

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Moreover, the SBP deputy governor acknowledged the need for a robust system to prevent the printing of fake currency within the country. This acknowledgment underscores the SBP’s commitment to implementing comprehensive measures to safeguard the integrity of Pakistan’s currency and financial system.

The decision to introduce enhanced currency notes reflects the SBP’s dedication to maintaining the integrity of Pakistan’s financial infrastructure and ensuring the security of its currency. By leveraging advanced security features and innovative design elements, these new currency notes will bolster confidence in Pakistan’s monetary system, contributing to a more secure and resilient financial environment.