SBP Governor Announces Launch Date for New Currency Notes

Pakistan’s central bank is gearing up to launch a new series of currency notes, with the first design expected to enter circulation in the latter half of 2025. According to State Bank of Pakistan (SBP) Governor Jameel Ahmad, the revamped banknotes will be rolled out step by step to replace current denominations, strengthening security features and helping to prevent counterfeiting. The SBP has forwarded its final recommendations to the federal cabinet, hoping to secure approval within the next few months. Following the cabinet’s go-ahead, the bank will decide which denomination hits the market first. However, Governor Ahmad has emphasized that no new notes will begin circulating before the start of the 2025–2026 fiscal year i.e. after June 2025. Despite these plans, there appears to be a mismatch in timelines. Security Papers Limited (SPL)—a key supplier of specialized paper used in Pakistan’s currency—recently announced it needs to upgrade its printing machinery to accommodate advanced security features before it can produce any new banknotes. This equipment overhaul is estimated to take around 18 months, suggesting SPL may not be ready in time to meet the central bank’s proposed schedule. SPL’s plan to upgrade its plant supports the SBP’s larger goal of improving the integrity of the country’s currency. The company explained that its machines, in operation since 2004, must be modernized to match security standards used internationally. However, the potential delay highlights the need for close coordination between SPL and the SBP if the new notes are to reach the public as planned. The central bank’s push for updated currency designs began early in 2024 when it held a competition to gather fresh ideas for all existing denominations—ranging from Rs. 10 to Rs. 5,000. Winners were announced in September 2024, and the approved concepts now await the final green light from the federal cabinet.