Islamabad, Aug 21: By the end of this year, the State Bank of Pakistan (SBP) will replace all of the current currency notes, which now range from Rs. 10 to Rs. 5,000, as Governor Jameel Ahmed told the Senate Standing Committee on Finance and Revenue on Wednesday.
The governor announced plans to introduce new currency notes made of polymer, which will be purchased with approval from the federal cabinet. The first step in the procedure, which aims to stop counterfeiting, will entail a test note made of polymer paper. The governor clarified that the new notes will be distributed nationally if they prove to be secure and long-lasting.
Despite worries expressed by the committee regarding the misuse of the Rs. 5,000 note on the black market, the governor of the central bank made it clear that the SBP does not intend to demonetize the currency.
The governor retorted that the new design series will incorporate the Rs. 5,000 note and that law enforcement officials bear the responsibility of avoiding such misuse.
