In a significant move, the State Bank of Pakistan has decided to redesign all currency notes ranging from Rs. 10 to Rs. 5,000. The new designs are expected to be introduced by December, according to the State Bank Governor, Jameel Ahmad. In addition to the traditional paper currency, a new plastic note will also be introduced.

During a briefing to the Senate Standing Committee on Finance, Governor Jameel Ahmad stated that the federal cabinet’s approval will be sought soon for the introduction of the new currency designs. Committee member Mohsin Aziz suggested discontinuing the five thousand rupee note to curb smuggling, but the Governor clarified that there are no plans to discontinue the five thousand rupee note.

Governor SBP highlighted that if the lifespan of plastic currency proves to be better than paper currency, it could become the standard in the future. The new currency notes will feature all the latest security features, and polymer plastic will be used for the plastic currency.