SBP Governor Announces Launch Date for New Currency Notes
- Sara Habib
- January 28, 2025
- 12:42 pm
- 35
- Current Affairs
Pakistan is planning to launch new currency notes with improved security features. The State Bank of Pakistan (SBP) aims to begin rolling out these notes in late 2025. The new notes will replace existing denominations gradually, ensuring a smooth transition. Final recommendations have been sent to the federal cabinet for approval. However, the new notes will not enter circulation before July 2025, aligning with the 2025-2026 fiscal year.
Key Details of the Launch
The SBP plans a phased rollout of the new currency notes. According to Governor Jameel Ahmad, the sequence of the release will depend on cabinet approval. Once approved, the SBP will decide which denominations to introduce first. This step-by-step plan will help the public adapt to the updated designs.
However, the timeline faces challenges. Security Papers Limited (SPL), the main supplier of paper for currency printing, requires significant upgrades to its machinery. These upgrades are essential to produce banknotes with advanced security features.
Machinery Upgrades at SPL
SPL’s current machinery has been in use since 2004. To meet global security standards, the company needs to modernize its equipment. The upgrade process will take around 18 months. This delay could disrupt the central bank’s timeline for the launch of new notes.
Despite these challenges, SPL’s modernization aligns with SBP’s goal of improving currency security. Both organizations must work closely to keep the project on track.
Design Competition for New Notes
The journey toward introducing new currency notes started in early 2024. The SBP organized a design competition to revamp all denominations, from Rs. 10 to Rs. 5,000. By September 2024, winners were announced. These designs combine modern aesthetics with enhanced security features. The federal cabinet is now reviewing the final designs.
Once approved, the SBP will begin printing and distributing the notes in phases. This strategy will ensure minimal disruption and an easy transition for the public.
Focus on Security Features
A major goal of the new currency notes is to prevent counterfeiting. The SBP plans to use state-of-the-art security technology found in global currencies. However, implementing these features requires advanced printing processes and materials. This makes SPL’s equipment upgrades even more critical.
The SBP’s commitment to enhancing security aims to build public trust and maintain economic stability.
Challenges in the Timeline
The mismatch between SPL’s readiness and SBP’s timeline poses a significant hurdle. Close coordination between SPL and the SBP is essential. Proactive planning will help ensure the project stays on schedule. By addressing these challenges early, the central bank can meet public expectations.
Looking Ahead
As the SBP waits for the cabinet’s approval, preparations continue for the new currency notes. The upcoming changes are part of a larger effort to modernize Pakistan’s monetary system. The goal is to improve security and reduce counterfeiting risks.
Despite the challenges, the SBP’s focus on collaboration and careful planning shows its commitment to success. By late 2025, Pakistan’s citizens can expect safer and more secure banknotes.
Learn more about Pakistan’s monetary policy on the SBP’s official website.
Explore the role of currency security features in preventing counterfeiting.
For More Such Blogs, Explore Genuine Gaze
