The State Bank of Pakistan (SBP) has been working on new currency note designs for the past two years, but the process remains incomplete, the Senate Standing Committee on Finance was told on Tuesday.

SBP officials said the proposed designs were sent to the Ministry of Finance about a year ago, but the ministry has yet to respond.

The central bank said the new notes are being designed with improved security features. However, the designs remain under review by a federal cabinet committee.

Officials told the committee that the cabinet had already made changes to the proposed designs, while another subcommittee is now reviewing them. Any further changes could send the designs back through the approval process, causing additional delays.

Committee Chairman Senator Saleem Mandviwalla expressed frustration over the slow progress, saying the process had dragged on so long that the committee itself could complete its term before the new notes are introduced.

He questioned why the State Bank had been unable to finalize the new currency notes after two years and also raised concerns about the selection of the consultant and company hired to design them.