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- The move appears to be aimed at combating counterfeit currency and the circulation of fake banknotes in market
- The Pakistani central bank is expected to introduce new notes by March this year after completing all formalities
KARACHI: Pakistan’s central bank is working on introducing new currency notes of all denominations, its chief said on Monday, adding the new notes would have different designs and enhanced security features.
The State Bank of Pakistan (SBP) normally issues a new series of banknotes after every 10-15 years and demonetizes the earlier one with the approval of the government.
However, this is the first time the central bank has decided to replace currency notes of all denominations since the last issue of Rs5 and Rs50 notes in 2008.
“The features and the number of the notes will be changed in accordance with the international high standards,” Jamil Ahmed, the SBP governor, said in an informal conversation with reporters in Karachi.
While Ahmed did not share the reason behind the decision, it appeared to be aimed at combating counterfeit currency and the circulation of fake banknotes.
The move is expected to be materialized by March this year.
Ahmed said the new currency notes would be of different colors, distinct serial numbers, design and include “high security features.” He, however, assured the transition to new banknotes would not be abrupt.
Pakistan currently has Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000 and Rs5,000 banknotes in circulation.
The central bank issued the current banknotes on different occasions between 2005 and 2008, under then SBP governor Shamshad Akhtar, who is currently the caretaker finance minister of Pakistan.