Pakistan’s New Currency Note Designs Await Cabinet Approval

State Bank of Pakistan Governor Jameel Ahmad announced that the design process for Pakistan’s new currency notes has been completed and the proposed banknote designs have formally been forwarded to the federal cabinet for approval.

The disclosure was made during a meeting with representatives of the Karachi Chamber of Commerce and Industry, where the SBP governor responded to queries concerning delays in the issuance and circulation of the redesigned currency series.

Earlier, in January 2024, the central bank had invited members of the public to submit proposals and concepts for the redesign of Pakistan’s banknotes as part of the broader initiative to replace the existing currency series.

The SBP had previously stated that the forthcoming currency notes would incorporate enhanced and modernised security features intended to strengthen protection against counterfeiting and financial fraud risks.

According to the central bank, replacing and redesigning currency notes after intervals of approximately 15 to 20 years is an internationally recognised practice adopted for security enhancement, technological upgrades, and currency management purposes.

During the same interaction, Jameel Ahmad clarified that exchange company currency rates are determined independently through market-based mechanisms and that the SBP does not directly intervene in setting exchange rates.

He further stated that regulatory and licensing work relating to virtual assets and digital financial instruments is currently progressing within Pakistan’s evolving financial regulatory framework.