The State Bank of Pakistan (SBP) has decided to replace currency notes in denominations from Rs 10 to Rs 5,000 with new designs. SBP Governor Jameel Ahmed shared this plan with the Senate Standing Committee on Finance.
Governor Ahmed explained that the SBP will seek permission from the federal cabinet to introduce these new currency notes, which will include denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000. These notes, featuring all-new designs, are expected to be issued by December 2024.
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He also assured the committee, led by Senator Farooq H Naik, that the Rs 5,000 note will not be phased out but will be updated with a new design. In addition to paper currency, the SBP plans to introduce plastic notes made from polymer material, which may be used in the future if they prove to be more durable.
During the meeting, Senator Mohsin Aziz suggested phasing out the Rs 5,000 note to reduce smuggling, but the SBP governor rejected this idea, stating that there are no plans to remove the Rs 5,000 note from circulation.
