Islamabad: The State Bank of Pakistan (SBP) has announced plans to introduce a new series of currency notes, ranging from Rs 10 to Rs 5,000, by the end of December 2024. The announcement was made by SBP Governor Jameel Ahmed during a briefing to the Senate Standing Committee on Finance.
Governor Ahmed informed the committee, chaired by Senator Farooq H. Naik, that the central bank will soon seek approval from the federal cabinet to proceed with the issuance of the new currency notes. These notes will feature updated designs and enhanced security features aimed at improving counterfeiting resistance and ensuring greater public confidence in the national currency.
Addressing speculation about the discontinuation of the Rs 5,000 note, the SBP governor clarified that the note will not be phased out but will instead be replaced with a redesigned version. “Contrary to rumors, the Rs 5,000 note will remain in circulation with a new design,” he stated.
In addition to the traditional paper currency, the SBP is also considering the introduction of polymer-based plastic notes, which are expected to offer greater durability. “If proven more durable, plastic currency could become a standard in the future,” Governor Ahmed added.
During the meeting, Senator Mohsin Aziz proposed phasing out the Rs 5,000 note as a measure to combat smuggling. However, the suggestion was firmly rejected by the SBP governor, who reiterated that no such proposals are under consideration.
The Senate Standing Committee on Finance was assured that the new series of currency notes would be issued on schedule, with the necessary approvals expected shortly. The introduction of these notes is part of the SBP’s broader efforts to modernize the country’s currency and financial systems.
