Pakistan is considering introducing redesigned currency notes ranging from Rs10 to Rs5,000, as the federal cabinet reviews proposals submitted by the State Bank of Pakistan (SBP).
State Bank Governor Jameel Ahmad told a parliamentary treasury committee that the SBP has completed its work on the new designs and sent its recommendations to the relevant ministry after approval from the State Bank Board, said a press release issued.
The updated notes are expected to feature advanced security elements to prevent counterfeiting.
Governor Jameel Ahmad stressed that the final decision on issuing the new notes rests with the federal cabinet and has not yet been made.
During the session, committee members inquired about the development process of the new currency.
Governor Jameel Ahmad said the central bank could present the designs to the Senate Standing Committee on Finance in a closed-door session, which is expected at the committee’s next meeting.
Addressing rumors circulating on social media, he clarified that the Rs5,000 note is not being withdrawn or phased out.
“Reports suggesting otherwise are misleading and have no factual basis,” he said, highlighting that high-denomination notes remain a vital part of Pakistan’s currency system, which currently totals around Rs11 trillion in circulation.
Existing notes will continue to be legal tender even after the new designs are introduced.
Furthermore, commenting on rising charges for SMS banking alerts, the Governor noted that banks have increased fees following higher telecom rates. He warned that any bank charging customers without prior notice will face action.
The briefing took place as part of the Senate Standing Committee on Finance’s ongoing oversight of monetary and banking sector matters.
