SBP to unveil new currency notes design next year

August 21, 2024 (MLN): Pakistan plans to unveil currency notes of all denominations with a new design next year to improve security features, Bloomberg reported, citing central bank Governor Jameel Ahmad.

The State Bank of Pakistan will complete working on the designs by December and issue the new notes in a phased manner, he told a parliamentary body in Islamabad on Wednesday. One of the denominations will be a polymer note, Ahmad said.

“It will be launched to test its life as well as security features and if it remains effective as long as paper notes in our climatic conditions,” he said.

The old currency notes will be withdrawn in five years from the issuance of new ones, Ahmad said, adding there was no plan to demonetize any currency notes.

Central banks introduce new banknote series after every 15 to 20 years to secure their integrity and align them with the latest technological developments in design and security features, the State Bank said in a statement on January 30.

Copyright Mettis Link News