Pakistan to introduce “secured” currency notes

Islamabad: State Bank Governor Jameel Ahmed on Wednesday announced that the design of Pakistan’s currency notes would be revamped by December.

Addressing the Senate Standing Committee on Finance, which was led by Senator Salim Mandviwala, SBP governor disclosed that the new design of notes would be in place with full security features.

He elaborated that the State Bank is actively seized with the initiative, and the designs of the new notes will be introduced after formal approval. Other issues were potential for digital and plastic currency.

The SBP Governor elaborated on the initiative, noting that the State Bank is actively working on introducing these new designs, which will be issued following formal approval. Additionally, the committee reviewed the potential for digital and plastic currency.

He mentioned that while they are currently focused on traditional notes, they plan to test plastic currency as well. If the plastic notes are well-received by the public, they may become a permanent part of the country’s currency system.

The introduction of plastic currency sparked a discussion among committee members. Senator Shahzeb Durrani raised concerns about the environmental implications, questioning the move towards plastic at a time when efforts are being made to reduce its use.

In response, Governor Ahmed assured that the plastic notes would undergo thorough testing to assess their durability and public acceptance.

Senator Mohsin Aziz also brought up the issue of corruption linked to the highest denomination note, the 5,000-rupee bill. He argued that these notes are often associated with corruption, being hidden in homes and used in illicit transactions.

The debate highlighted the complexities involved in managing the country's currency and the need for careful consideration of any changes.