State Bank of Pakistan’s Governor Jameel Ahmed revealed that the bank is planning to replace currency notes ranging from Rs 10 to Rs 5,000 with new designs by December 2024. The proposal, awaiting federal cabinet approval, includes denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000, all set to feature enhanced security and design elements.
In a briefing to the Senate Standing Committee on Finance, chaired by Senator Farooq H Naik, Governor Ahmed addressed rumors about the Rs 5,000 note being discontinued. He clarified that the note not be phased out but instead, be updated with a new design. Additionally, the SBP plans to introduce plastic currency made from polymeric material, which could replace paper currency if proven more durable.
During the session, Senator Mohsin Aziz suggested discontinuing the Rs 5,000 note to combat smuggling. However, this proposal was rejected by the SBP Governor, who reassured that no such measures are under consideration, emphasizing the continuity of the Rs 5,000 note in the new currency lineup.
