2 min read
The State Bank of Pakistan (SBP) has confirmed that printing of newly designed currency notes will begin once the federal cabinet gives its formal approval, signaling a major step forward in the country’s long-awaited currency redesign plan.
SBP Governor Jameel Ahmad said at a recent press briefing that the new currency notes are almost ready. The central bank can start printing them as soon as the cabinet approves the final designs. He added that two to three different denominations will be printed together at first but did not specify them.
The new notes will not be released all at once. Ahmad explained that the SBP plans to build a minimum stock before gradually replacing the existing notes already in circulation. This phased approach, he said, is aimed at ensuring a smooth transition without disrupting daily cash usage.
“The new-design notes will come into circulation once the central bank achieves the minimum required stock to replace the existing notes,” the governor said while responding to a question.
Earlier this month, the Prime Minister’s Office said the federal cabinet, led by Shehbaz Sharif, looked at the new currency proposals and set up a committee to study them closely. Experts from abroad also helped in designing the notes. The government plans to redesign all notes from Rs 10 to Rs 5,000. They will also test a new polymer note along with the usual paper notes.
Currently, Pakistan has eight currency denominations in circulation, ranging from Rs 10 to Rs 5,000. All of these will continue to remain legal tender during the transition period.
At a time when people are already grappling with inflation and rising costs, the gradual rollout of new currency notes may offer some reassurance. A slow, well-planned transition could help avoid confusion, while modern designs and stronger security may quietly rebuild trust in the cash people use every day.
