The State Bank of Pakistan (SBP) is preparing to introduce a new series of currency notes, with the first design expected to enter circulation in the latter half of 2025. The revamped banknotes aim to enhance security features and combat counterfeiting, according to SBP Governor Jameel Ahmad.
The central bank has submitted its final recommendations to the federal cabinet and is awaiting approval, which is expected in the coming months. Once approved, the SBP will determine which denomination will be released first. However, Governor Ahmad clarified that no new notes will be issued before the start of the 2025–2026 fiscal year, meaning circulation will begin after June 2025.
Despite the SBP’s plans, a potential delay looms due to the readiness of Security Papers Limited (SPL), the primary supplier of specialized paper for Pakistan’s currency. SPL recently announced that it needs to upgrade its printing machinery to accommodate the advanced security features required for the new banknotes. The company’s equipment overhaul, which is essential to meet international security standards, is expected to take approximately 18 months. This timeline suggests that SPL may not be ready to meet the SBP’s proposed schedule.
SPL’s machinery, in operation since 2004, requires modernization to align with global standards. While the upgrade supports the SBP’s broader goal of improving the integrity of Pakistan’s currency, the potential delay underscores the importance of close coordination between the central bank and SPL to ensure the timely rollout of the new notes.
The push for updated currency designs began in early 2024, when the SBP launched a nationwide competition to gather fresh ideas for all existing denominations, ranging from Rs. 10 to Rs. 5,000.
The SBP’s initiative reflects its commitment to modernizing Pakistan’s currency and addressing counterfeiting concerns. However, the success of the rollout will depend on overcoming logistical challenges and ensuring that production timelines align with the central bank’s plans.
