State Bank of Pakistan (SBP) Deputy Governor Saleem Ullah on ruled out any role of the International Monetary Fund (IMF) in influencing central bank’s decision to create new currency notes.
Talking to Geo News, the deputy governor said it would take around two years to issue the first note. The new currency will be created utilizing the latest technology and public opinion has also been solicited to help with the new design.
Earlier this week SBP announced plans to issue new currency notes over the next two years, stressing that the old banknote series will continue to be in circulation after the new ones are issued.
The deputy governor briefly explained that there are seven denominations in total with three designs each, which means 21 prizes. The first prize is Rs. 1 million, the second Rs. 500,000, and while third is Rs. 300,000, he added.
He said citizens will be able to swap their old notes for new ones when the regulator starts circulating new currency notes. New notes will be transferred to the account while the old legal tender will be gradually phased out of circulation.
On a separate note, he added that the new monetary strategy expects the deficit to diminish in the coming fiscal year.