SBP printing new-design currency notes after cabinet approval

ISLAMABAD: The State Bank of Pakistan has announced that after the approval of the federal cabinet, the process of printing currency notes of new design of two to three different denominations will be started.

Addressing a press conference after the announcement of the monetary policy on Monday, State Bank Governor Jamil Ahmed said that the process of preparing the new currency notes is in the final stages and printing will start as soon as the cabinet approves.

According to the State Bank Governor, “The process of printing bank notes of new design has progressed considerably, printing will start soon after the cabinet approves, and notes of two to three different denominations will be printed simultaneously.”

Jamil Ahmed said that the currency notes of new design will not be released in the market immediately but will be introduced in a phased manner.

He said that the new notes will be introduced in circulation when the central bank obtains adequate stock to replace the existing currency notes in a phased manner.

However, the State Bank Governor did not clarify which denominations of notes will be introduced first. Currently, notes of Rs 10, 20, 50, 75, 100, 500, 1000 and 5000 are in circulation in the country.

Jamil Ahmed said that the newly designed currency notes were sent to the government for approval, which were later presented before the federal cabinet.

Earlier, the Prime Minister’s Office had said that the federal cabinet, chaired by Prime Minister Shehbaz Sharif, reviewed the proposals related to the new design of currency notes and has formed a cabinet committee for this matter.

The cabinet was informed that the redesign of currency notes is being done in accordance with modern requirements and with the help of international experts.