Is SBP issuing polymer banknotes? The State Bank of Pakistan (SBP) has firmly refuted claims suggesting a transition from paper-based currency to polymer banknotes.
The central bank issued a statement categorically dismissing these speculations as baseless and lacking substance.
Is SBP issuing polymer banknotes?
The SBP emphasised that there are currently no plans or considerations underway to introduce polymer banknotes.
Recent reports of a bank in Karachi receiving misprinted banknotes have prompted clarification from the SBP.
The incident, involving two Rs1,000 notes with blank backsides, underscores the inherent risks associated with the large-scale printing and production of currency notes.
Also read: SBP breaks silence on misprinted Rs1000 banknotes
In response, the SBP moved swiftly to address concerns and provide assurance regarding the stability and integrity of the country’s currency supply.
Enhanced security features in new currency notes
Earlier this year, the SBP unveiled plans to introduce new currency notes equipped with enhanced international security features.
These measures aim to bolster the security and authenticity of Pakistan’s currency, featuring new designs, serial numbers, and advanced security technologies.
Governor Jameel Ahmad reaffirmed the commitment to a smooth transition, assuring stakeholders that the process would be completed within the next two years.
“The new notes will be printed with an international security feature. The notes will have new serial numbers, designs, and high-security features,” the SBP Governor Jameel Ahmad had said while stressing that the switchover would not be disruptive.
“Generally, it takes two to three years to launch a new banknote series; however, the SBP intends to complete the process within the next two years,” the central bank said in a subsequent press release.
Gradual withdrawal of existing notes
Amidst discussions surrounding the introduction of new currency series, the SBP has clarified its approach towards the withdrawal of existing notes from circulation.
The central bank reiterated its commitment to a gradual and phased approach, emphasising that any decision regarding the withdrawal of existing notes would be made once the new banknotes are sufficiently distributed and in circulation.
This measured approach seeks to ensure a seamless transition for the public and the financial system alike.
