Governor State Bank of Pakistan (SBP) Jameel Ahmed on Monday made a bombshell announcement that the central bank has taken a principled decision to overhaul the existing currency system by introducing new currency notes across all denominations.
In an informal conversation with reporters today, the central bank governor said the motive behind this move is to combat individuals/entities involved in illicit financial activities within the country.
The State Bank governor assured the public that these new notes will be printed on material that would essentially incorporate state-of-the-art International Security Features, which would help enhance the security of the legal tender and curb the circulation of counterfeit currency notes.
The governor said SBP plans to organize a competition in February (next month) for the design of the new currency notes. The competition will focus on creating visually appealing notes with intricate designs, vibrant colors, and advanced security features.
The governor said the design framework for the new notes has already commenced and is anticipated to be completed by March. He emphasized that the introduction of these new notes did not mean an abrupt change in the overall appearance of the currency, similar to the style of neighboring India.
SBP sources said the decision to revamp the currency has been prompted by a rising number of complaints regarding the circulation of fake notes across the country. The bank aims to address these concerns by implementing a comprehensive strategy that includes the introduction of technologically advanced security features on the new currency notes.
Sources added that this groundbreaking initiative is expected to not only combat black money within the country but also bolster the overall integrity and security of the nation’s currency,