Security Papers Limited (SPL) has awarded a Rs3.4 billion paper machine upgrade project to German company Giesecke+Devrient (G+D) ahead of Pakistan’s rollout of new design banknotes.
According to a press statement by SPL, the project, which includes an international tender valued at €8.297 million, will see G+D undertake the upgrade. The project is expected to be completed within 18 months.
The upgrade aims to enhance SPL’s production capabilities, ensuring the incorporation of advanced security features in banknote paper. This will enable SPL to meet the evolving requirements of the State Bank of Pakistan (SBP), which has announced the launch of a new series of banknotes.
Imran Qureshi, CEO of SPL, emphasized that the upgrade is crucial to meeting the SBP’s needs for the new banknote series. “By strengthening our manufacturing capabilities, we will not only ensure that Pakistan’s currency remains secure and resistant to counterfeiting but also position SPL as a global leader in currency security paper, adhering to the highest international standards,” he stated.
Claudio Sgarlata, Managing Director for the Middle East and Africa at Giesecke+Devrient, expressed confidence in the project, noting, “With G+D’s extensive experience and advanced technology in the banknote industry, we are confident SPL will be fully equipped to meet future requirements and adhere to international standards.”
In September 2024, the SBP announced the winners of a competition to design the new banknote series, which it had initiated in January 2024. An art competition in March 2024 sought innovative and thematic ideas for the new currency notes.
SBP Governor Jameel Ahmad stated earlier this year that the first new currency note would be issued in the second half of 2025, gradually replacing existing notes. He confirmed that the newly designed notes would not be in circulation before the start of the new fiscal year, which runs from July 2025 to June 2026.
