The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has confirmed that newly designed Pakistani currency notes will not be available before Eid, as the printing process has yet to begin and remains subject to federal cabinet approval.
Speaking on the matter, the SBP governor clarified that while the designs of the new currency notes have already been finalized and approved by the State Bank Board, the next and critical step is clearance from the federal cabinet. Only after this approval will the printing and issuance process formally start.
Cabinet Approval Required Before Printing Begins
Jameel Ahmad explained that all logistical and administrative preparations are pending government authorization. As a result, the redesigned banknotes will not enter circulation ahead of Eid, contrary to public speculation.
“The issuance of new currency notes depends entirely on cabinet approval,” the governor said, adding that without this clearance, the printing process cannot commence.
No Immediate Change in Existing Currency Notes
The SBP has previously clarified that there is no proposal to discontinue the Rs 5,000 note, easing concerns about potential changes to high-denomination currency. Existing banknotes will therefore remain legal tender until the new notes are formally introduced.
Pakistan’s Commitment to IMF Monetary Policy Framework
During his remarks, the SBP governor also reaffirmed Pakistan’s commitment to maintaining a strict monetary policy under its agreement with the International Monetary Fund (IMF). He stated that the central bank continues to follow prudent financial discipline to stabilize the economy.
Pakistan Pays $6 Billion in External Debt Obligations
Highlighting recent economic developments, Jameel Ahmad disclosed that Pakistan has already paid approximately $6 billion in external debt and interest obligations, reflecting the government’s efforts to manage liabilities and meet international commitments.
What to Expect Next
Once cabinet approval is secured, the SBP will move forward with printing the new Pakistani currency notes, which are expected to feature enhanced security elements and updated designs. However, officials have not yet announced a specific timeline for when the new notes will reach the public.
Until then, citizens can continue using existing currency without disruption, as the transition to new banknotes will be carried out in a phased and regulated manner.
