SBP categorically denies reports about issuance of plastic banknotes
Business
'There is no such plan or suggestion currently under consideration'
KARACHI (Dunya News) – The State Bank of Pakistan (SBP) has rejected the reports regarding issuance of polymer (plastic) notes as baseless and without substance.
There is no such plan or suggestion currently under consideration regarding change in the substrate of banknotes from paper to the polymer, the central bank said in a statement.
“SBP uses cotton based paper substrate which is manufactured locally by the Security Papers Limited, using primarily local raw materials,” it said.
The response comes a day after various news portals claimed that SBP was planning to replace the paper currency with plastic banknotes to prevent fake currency in the country.
