Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has confirmed that Pakistan will begin using polymer-based currency notes by the end of this year. Speaking during a Senate’s Standing Committee on Finance meeting, Jameel Ahmad explained that the transition will start with one denomination, with a proposal soon to be submitted for cabinet approval.
The switch to polymer currency notes is aimed at addressing the issue of counterfeit currency notes, as the new design will include advanced security features. Jameel Ahmad added that the central bank is reviewing the cost, durability, and effectiveness of the new notes to ensure they meet security needs.
In response to concerns raised by committee member Mohsin Aziz about the Rs5,000 note encouraging corruption, Jameel Ahmad clarified that there are no plans to discontinue it, and it will be included in the new polymer design.
This significant shift in Pakistan’s currency system is intended to improve security and ensure the long-term durability of the notes.
