Islamabad: The State Bank of Pakistan (SBP) has announced plans to issue a new series of currency notes starting in the second half of 2025. Governor Jameel Ahmad shared the update on Monday, revealing that the redesigned notes will gradually replace the current series, one denomination at a time, with enhanced security features.
Ahmad emphasized that the SBP intends to seek approval from the federal cabinet for the new currency notes within the next two to three months, ideally before June 2025. The rollout of the new notes will occur gradually, with each denomination being introduced separately rather than all at once. However, the SBP Governor did not specify which denomination would be released first, as the decision is yet to be finalized. Pakistan’s existing currency notes include denominations of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000, and Rs5,000.
The new currency notes are expected to enter circulation starting in July 2025, marking the beginning of the 2025-2026 fiscal year. This timeline is set to ensure a smooth transition and avoid any disruption in the currency system.
In a related development, Ahmad also addressed the ongoing upgrades at Security Papers Limited (SPL), the company responsible for producing security paper for banknotes. SPL plans to enhance its manufacturing plant to meet international security standards for the new currency series, a process expected to take 18 months.
In September 2024, the SBP concluded its design competition for the new banknotes, selecting winners for the redesigned currency across all denominations. The new designs will incorporate improved security features to safeguard against counterfeiting.
Additionally, Ahmad provided updates on other initiatives, including the upcoming launch of the “InvestPak” platform, which will enable individual and corporate investors to directly invest in government debt securities like T-bills and Pakistan Investment Bonds (PIBs). The platform is currently in its testing phase, with an official launch expected soon. Ahmad also shared that the SBP is working on the introduction of a Central Bank Digital Currency (CBDC), awaiting approval for a legal framework from the government to move forward with the project.
These initiatives reflect the SBP’s commitment to modernizing Pakistan’s financial infrastructure while enhancing security and convenience for the public.
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