KARACHI: Governor State Bank of Pakistan (SBP) Jameel Ahmed revealed on Monday that SBP has decided to issue new currency notes with new design and enhanced security features.

On the sideline of the Monetary Policy briefing at SBP head office, Governor SBP talking to journalists said the SBP is in process of issuing the currency notes of all denominations.

“SBP has in principle decided to launch currency notes in line with global trends”, he said and added the new bank notes will have new and international security features, new serial numbers and new designs.

However, he said that it will take some time as the process will involve obtaining board approval first, followed by federal cabinet approval and other regulatory formalities. New currency notes will be introduced gradually and will replace the old ones in circulation, he added.

Bankers said that there were a number of complaints of the fake or counterfeit currency notes and to address this issue SBP has decided to issue fresh currency notes. The new bank notes will have enhanced security features and improved durability.

Previously, the SBP had issued new banknote series since 2005, starting with the Rs 20 denomination and followed by Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 5000 currency notes.

Copyright Business Recorder, 2024