| Islamabad: The State Bank of Pakistan (SBP) is gearing up for a major revamp of the national currency, according to a source on August 21.
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In a recent briefing to the Senate Standing Committee on Finance, SBP Governor Jameel Ahmed revealed that the central bank is poised to introduce new currency notes across all denominations, from Rs 10 to Rs 5,000, by December 2024.
Governor Ahmed assured that despite circulating rumours, the Rs 5,000 note will not be discontinued but will feature a new design. The redesigned notes will incorporate advanced security features and, intriguingly, include plastic currency options if they prove more durable than traditional paper notes.
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The proposal to phase out the Rs 5,000 note to combat smuggling, suggested by Senator Mohsin Aziz, was firmly rejected by the SBP, reinforcing the commitment to modernise rather than eliminate. |
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