ISLAMABAD: The State Bank of Pakistan, under the leadership of SBP Governor Jameel Ahmad, has announced plans to introduce new currency notes featuring advanced security measures and unique serial numbers. The objective is to combat counterfeit notes and align with international trends.
Governor Jameel Ahmad outlined the procedural steps, which involve obtaining board approval, meeting legal requirements, securing cabinet approval, and completing the design framework by March.
Observers have positively received this decision, speculating that the SBP intends to replace existing notes with newly designed ones without altering any denominations.
Mohammed Sohail, CEO at Topline Securities Limited, noted that the governor emphasized the practice of changing note designs every 15 to 20 years, following international standards. Sohail clarified that this move does not relate to demonetization.
As indicated on its website, the SBP serves as the sole issuer of banknotes in Pakistan, with a strategic goal of ensuring a sufficient supply of high-quality banknotes nationwide.
The central bank periodically issues new series and demonetizes outdated designs, with the federal cabinet’s approval. Awais Ashraf, Director of Research at Akseer Research, sees this initiative as addressing fake currency concerns and improving asset declaration, though he anticipates a longer implementation timeline.
Tahir Abbas, Head of Research at Arif Habib Limited, views this as a positive step that, over time, will enhance revenue collection, broaden the tax base, and improve economic documentation.
The SBP aims to combat the steady quantity of counterfeit notes, particularly Rs 1,000 denominations, received over the past two years from law enforcement agencies. Currently, legal tender in Pakistan includes notes of denominations 10, 20, 50, 75, 100, 500, 1,000, and 5,000 rupees.
(Islamabad51_Newsdesk)
