Karachi: The State Bank of Pakistan (SBP) has announced its decision to issue fresh currency notes in a move aimed at enhancing security and updating the design, as reported in an article on January 30.
According to the details, Governor Jameel Ahmed unveiled this plan on Monday, emphasising that the new notes will boast advanced security features alongside a revamped appearance. Speaking to reporters during the Monetary Policy briefing at the SBP headquarters in Karachi, Governor Ahmed highlighted the institution’s commitment to aligning with global standards. He revealed that the forthcoming banknotes will incorporate cutting-edge security measures, sporting new serial numbers and designs.
Despite the ambitious initiative, Governor Ahmed acknowledged that the process would involve several steps, including securing approvals from the board and the federal cabinet, along with adhering to regulatory protocols. He assured that the transition to the new notes would be gradual, gradually phasing out the existing currency in circulation.
Banking officials echoed the necessity for this overhaul, citing numerous complaints regarding counterfeit currency. Addressing these concerns, the SBP aims to introduce notes with bolstered security features and increased durability. This initiative marks a significant development, as the SBP hasn’t issued a new banknote series since 2005, when it introduced refreshed designs for denominations ranging from PKR 20 to PKR 5000.
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