The decision to introduce new currency notes by the State Bank of Pakistan wasn’t influenced by the International Monetary Fund (IMF), as clarified by Deputy Governor Saleem Ullah. Saleem Ullah explained that new notes are typically introduced every 15 to 20 years to maintain their integrity and functionality.
He also mentioned that the deficit is anticipated to decrease in the upcoming financial year, as per the new monetary policy. The central bank of Pakistan recently announced its intention to launch new currency notes within the next two years, affirming that the existing banknote series will continue to circulate alongside the new ones.
Saleem Ullah noted that the last series of currency notes was issued in 2005 and remained in circulation for three years. He highlighted that it will take approximately two years to issue the initial note due to the extensive process involved, and emphasized that the new currency will utilize modern printing technology.
Regarding the design of the currency notes, Saleem Ullah mentioned that public opinion has been solicited, with three prizes allocated for each denomination, totaling 21 prizes across seven denominations. The prizes consist of Rs1 million for the first prize, Rs500,000 for the second prize, and Rs300,000 for the third prize.
Once the rollout of new currency notes commences, individuals will be able to easily exchange their notes at the country’s 17,000 branches. The process will involve transferring new currency notes to accounts while gradually phasing out the old ones.
