Governor State Bank of Pakistan (SBP) Jameel Ahmed on Wednesday informed the Senate Standing Committee on Finance and Revenue that the central bank will replace all existing currency notes from Rs. 10 to Rs. 5,000 by the end of this year.
The governor outlined plans to introduce new polymer currency notes, which will be procured after receiving federal cabinet approval. The process, aimed at curbing counterfeiting, will initially involve a test note made from polymer paper. If the new notes prove durable and secure, they will be rolled out nationwide, the governor explained.
The central bank governor clarified that the SBP does not plan to demonetize the Rs. 5,000 note, despite concerns raised by the committee about its potential misuse in the informal market.
The governor replied that law enforcement agencies are responsible for preventing such misuse, and the Rs. 5,000 note will be included in the new design series.
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