The State Bank of Pakistan (SBP) has confirmed that a new series of redesigned currency notes is on its way, awaiting final cabinet approval before official issuance. SBP Governor Jameel Ahmed announced the development during a press conference, revealing that the first new note is expected to be released by the end of 2025.
What to Expect from the New Currency Notes?
According to Governor Ahmed, the redesigning process for the new currency notes has been ongoing, with an expert committee overseeing the transformation. The final approval from the cabinet is expected within two to three months, after which the phased rollout of the new notes will begin.
“We are moving forward as per the plan announced last year,” Ahmed stated. “The first note will be introduced in the next fiscal year.” However, he did not specify which denomination would be the first to be released.
Why Is This Change Important?
- Enhanced Security Features: The redesign will likely incorporate advanced anti-counterfeiting measures to prevent fraud.
- Modernized Look: The currency is expected to feature a fresh and contemporary design, aligning with international standards.
- Gradual Implementation: The rollout will be phased, ensuring a smooth transition without disrupting financial stability.
Pakistan’s Digital Currency Plans Also in Motion
In addition to physical currency updates, SBP is working on a Central Bank Digital Currency (CBDC). A bill to establish the legal framework for digital transactions is currently under review by the federal government. This move signals Pakistan’s commitment to modernizing its financial system and embracing digital innovation.
When Can We Expect the New Notes?
While the exact designs remain undisclosed, Ahmed reassured that the process is in its final stages. The first release is anticipated by late 2025, with all denominations being introduced gradually over time.
Stay tuned for further updates as Pakistan moves towards a revamped currency system!