SBP denies IMF-related speculations behind new currency notes decision.
Deputy Governor Saleem Ullah of the State Bank of Pakistan clarified that the decision to introduce new currency notes was an independent move and not influenced by external entities such as the International Monetary Fund (IMF).
During an interview on the Geo Pakistan program, Ullah explained that the periodic issuance of new notes, occurring every 15 to 20 years, is a standard practice aimed at preserving the integrity of the currency.
Addressing the nation, Ullah assured that the deficit is anticipated to decrease in the upcoming financial year, attributing the positive outlook to the implementation of the new monetary policy.
The central bank had earlier communicated its plan to launch a fresh series of currency notes within the next two years, emphasizing that the existing banknote series would remain in circulation concurrently.
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Reflecting on the last issuance of currency notes in 2005, Ullah highlighted the adoption of modern technology for the printing of the new currency.
The elaborate process is expected to span approximately two years, indicative of the meticulous approach taken by the State Bank.
In a noteworthy move, Saleem Ullah disclosed that public input has been actively sought for the design of the upcoming currency notes.
The Deputy Governor revealed a unique incentive system, with three prizes allocated for each of the seven denominations, totaling 21 prizes. Cash rewards range from Rs1 million for the first prize to Rs300,000 for the third prize, encouraging public participation in shaping the aesthetic of the new banknotes.
As the State Bank of Pakistan paves the way for the introduction of the new currency notes, it has assured the public of a seamless transition. Individuals will have the convenience of exchanging the new notes across the country’s extensive network of 17,000 branches.
As SBP denies IMF-related speculations behind new currency notes decision, the phased-out process of the old currency notes will coincide with the gradual introduction of the new series, promising a smooth and efficient adaptation for the nation’s financial landscape.
