New Currency Notes in Pakistan
New Currency Notes in Pakistan: SBP to Introduce New Denominations by December 2024
ISLAMABAD: The State Bank of Pakistan (SBP) has announced plans to replace its current currency notes with a new series, ranging from Rs 10 to Rs 5,000. The much-anticipated update will see the introduction of new currency note designs featuring advanced security features and materials.
SBP Governor Jameel Ahmed informed the Senate Standing Committee on Finance that the central bank is seeking permission from the federal cabinet to introduce the redesigned currency notes. The new notes, which include denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000, are set to be issued by December 2024.
Contrary to rumors circulating, the Rs 5,000 note will not be eliminated but will be replaced with a new design. The SBP Governor emphasized that both paper and plastic currency notes, made from polymeric material, will be introduced. The inclusion of plastic notes is part of an initiative to enhance durability and modernize the currency system.
During the committee meeting, Senator Mohsin Aziz suggested phasing out the Rs 5,000 note to combat smuggling. However, this proposal was rejected by the SBP Governor, who confirmed that there are no plans to discontinue the note. New Currency Notes in Pakistan, New Currency Notes Picture 2024
