KARACHI (Kashmir English): The State Bank of Pakistan Governor, Jameel Ahmad, has revealed that new currency notes will not be issued for the upcoming Eid, as printing will begin only after the federal cabinet’s consent.
He explained that the country has already paid $6 billion to account for its international debt obligations, including interest and principal payments.
Earlier, the government issued a clarification regarding the issuance of new currency notes. The old currency notes will not be withdrawn all at once after the introduction of the new notes, but will be eliminated through a gradual process.
The Pakistan Government has made up its mind to release almost all denominations of currency notes from Rs 10 to Rs 5,000 in a new look, along with modern security features. In addition to this, the introduction of plastic (polymer) currency notes is also in the pipeline.
As per the reports, the old notes will be allowed to be used for a fixed duration and will then be phased out. To this end, a precise schedule will be set for the entire banking network, including the State Bank, and during that time, citizens will be able to exchange their old notes for new ones at banks.
The new design currency notes are rumored to be in circulation by the end of the year 2026. The total amount of currency in circulation in the country is about Rs 10,260 billion currently, based on which the government is going to give comprehensive instructions to all banks regarding the exchange of old notes.
As per the officials, the new currency notes will be more secure and will also contribute to making financial transactions in the country more efficient and less risky.
