Islamabad, Jan 28: Pakistan’s central bank, the State Bank of Pakistan (SBP), is preparing to introduce a new series of currency notes, with the first design expected to circulate by the latter half of 2025. According to SBP Governor Jameel Ahmad, the currency revamp aims to enhance security features and combat counterfeiting.
The banknotes will be released gradually, replacing existing denominations. After finalizing its recommendations, the SBP is awaiting approval from the federal cabinet to proceed with the rollout. Governor Ahmad emphasized that no new notes would enter circulation before the start of the 2025-2026 fiscal year, which begins in June 2025. 
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However, a delay may be looming in the process. Security Papers Limited (SPL), the primary supplier of specialized paper for Pakistani currency, has expressed the need to upgrade its printing machinery to accommodate the advanced security features required for the new notes.
The equipment overhaul, which is expected to take approximately 18 months, raises concerns that SPL may not meet the SBP’s proposed timeline. SPL’s plant upgrade is crucial to ensuring the quality and integrity of the country’s currency, as their current machinery has been in operation since 2004.
The SBP’s initiative to revamp the currency notes began in early 2024, with a competition held to collect fresh design ideas for all denominations, ranging from Rs. 10 to Rs. 5,000. The winning designs were announced in September 2024, and now the concepts await final approval from the federal cabinet.
The rollout of these new notes will be a significant step toward enhancing security and modernizing Pakistan’s currency system, but careful coordination between the SBP and SPL will be vital to meet the proposed timeline.
