Pakistan’s currency system is poised for significant changes as the State Bank of Pakistan (SBP) advances its modernization efforts.
With ongoing discussions on enhancing security and exploring new currency forms, the central bank is preparing to roll out redesigned notes featuring advanced security measures.
State Bank Governor Jameel Ahmed announced on Wednesday that Pakistan’s currency notes will be revamped by December.
Addressing the Senate Standing Committee on Finance, chaired by Senator Salim Mandviwala, he shared that the new notes would include enhanced security features.
Governor Ahmed explained that the State Bank is actively working on this initiative, with the new designs set to be introduced following formal approval.
The discussions also touched on the potential introduction of digital and plastic currency.
He mentioned that while the current focus is on traditional notes, there are plans to experiment with plastic currency.
If these plastic notes prove successful, they could become a permanent part of Pakistan’s currency system.
The proposal to introduce plastic currency sparked a debate among committee members.
Senator Shahzeb Durrani raised concerns about the environmental impact, questioning the shift to plastic amid global efforts to reduce its use.
In response, Governor Ahmed assured that the plastic notes would undergo rigorous testing to assess their durability and public acceptance.
Senator Mohsin Aziz also highlighted concerns about corruption associated with the 5,000-rupee note, noting its link to illicit activities and the tendency to hoard cash at home.
The discussion underscored the complexities involved in managing the country’s by currency and the importance of carefully considering these proposed changes.