KARACHI: The State Bank of Pakistan (SBP) on Saturday has categorically denied reports about issuance of Polymer Banknotes Series.

Following the international practices, the SBP in January this year decided to introduce new banknote series to secure the integrity of banknotes and align them with the latest technological developments in the banknotes design and security features.

However, some reports circulating on various news portals regarding issuance of polymer (plastic) banknotes by the SBP.

SBP on Saturday has strongly refuted the reports as baseless and without substance.

“There is no such plan or suggestion currently under consideration regarding change in the substrate of banknotes from paper to the polymer,” SBP said.

SBP uses cotton based paper substrate which is manufactured locally by the Security Papers Limited, using primarily local raw material, it added.

It may be mentioned that as part of the initial process of designing the new banknote series, the SBP has announced an Art Competition to have innovative and thematic design ideas for the new banknote series. The local artists, designers and art students can send their designs to SBP by 11th March 2024.

According to SBP, the process normally takes 2 to 3 years to launch a new banknote series; however, the SBP intends to complete the process within the next 2 years.

Copyright Business Recorder, 2024