State Bank of Pakistan to Launch Printing of Newly Designed Currency Notes After Cabinet Approval

The State Bank of Pakistan (SBP) announced that the printing of new currency notes in two to three denominations will commence following approval from the federal cabinet.

Speaking at a press conference after the announcement of the monetary policy on Monday, SBP Governor Jameel Ahmed said that the preparation of the new notes is in its final stages and printing will begin as soon as cabinet approval is granted.

“The process for printing new design banknotes has progressed significantly. Once the cabinet gives approval, printing will start soon, and two to three denominations will be printed simultaneously,” the governor stated.

Jameel Ahmed clarified that the new notes will not immediately enter circulation but will be introduced gradually. The notes will be issued when the central bank has sufficient stock to phase out the existing notes.

However, the SBP governor did not specify which denominations will be launched first. Currently, the country has 10, 20, 50, 75, 100, 500, 1000, and 5000 rupee notes in circulation.

The governor added that the new designs were submitted to the government for approval and subsequently presented to the federal cabinet. Earlier, the Prime Minister’s Office had stated that Prime Minister Shehbaz Sharif chaired a cabinet meeting where proposals for the new currency designs were reviewed, and a cabinet committee was formed to oversee the process. The redesign is being carried out according to modern requirements with the assistance of international experts.