New currency notes with security features to be introduced in March: SBP
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New currency notes with security features to be introduced in March: SBP
KARACHI – The State Bank of Pakistan (SBP) announced on Monday its plans to introduce new currency notes incorporating international security features, emphasising that the transition would not be disruptive.
"The upcoming notes will integrate international security features, including new serial numbers, designs, and enhanced security measures," stated the governor of the central bank.
While providing an estimated timeline for the availability of the new notes, he mentioned that the design framework was already underway and anticipated finalization by March.
However, the SBP governor clarified that the transition process would not mirror India's abrupt demonetization in 2016, which caused significant social unrest and a temporary setback to the quarterly GDP.
“India has since experienced continued growth and a shift towards digital payments, resulting in subdued inflation and moderate interest rates conducive to economic expansion.”
The central bank is considering this move in response to concerns about counterfeit currency in circulation.
