Pakistan's State Bank unveils a major currency redesign with advanced security features. A phased rollout aims for a smooth transition by December.
At the Financial Inclusion Summit in Islamabad, Governor Jameel Ahmed announced a major redesign of Pakistan’s paper currency by December.
This initiative aims to modernize the economy, enhance security, and combat counterfeit currency.
The redesign marks a significant shift in Pakistan’s monetary system and aligns with broader goals of financial inclusivity and stability.
The State Bank of Pakistan’s redesigned currency marks a major modernization effort.
New notes feature advanced security elements like holographic strips and color-shifting ink, making counterfeiting more difficult.
Aesthetic updates reflect Pakistan’s cultural heritage, with durable materials and tactile features for easier use, including for the visually impaired.
The shift to polymer substrates enhances note longevity and reduces replacement frequency.
This reform aims to boost security, streamline cash handling, and restore public confidence in the national currency, aligning with global trends in currency modernization.
State Bank of Pakistan Governor Jameel Ahmed told a Senate committee on banking and finance in Islamabad that all the existing paper currency notes are being redesigned with new security features (polymer plastic currency) by December this year. pic.twitter.com/4eA94tqWNe
— Radio India (@RadioIndia1110) August 25, 2024
The State Bank of Pakistan (SBP) has outlined a detailed plan for rolling out the redesigned currency notes.
Key phases include finalizing designs in Q1, starting production in June, and distributing the new notes from July to September.
Public awareness campaigns will begin in August to educate citizens on the new features and authentication methods.
A dual-circulation period will allow for the gradual transition from old to new notes, with the demonetization of the old currency set for December.
This phased approach aims to ensure a smooth transition and enhance Pakistan’s financial security.
