KARACHI (Dunya News) – The government has decided to redesign all currency notes from Rs10 denomination to Rs5,000.
State Bank of Pakistan (SBP) Governor Jameel Ahmad, while briefing the Senate Standing Committee on Finance, stated that by the end of December, all currency notes would be reintroduced with new designs.
He added that instead of paper currency, plastic currency would also be introduced into circulation. The approval of the federal cabinet will be obtained soon in this regard.
Committee member Mohsin Aziz noted that the initiative would help prevent currency note smuggling.
The SBP chief said that plastic currency would be durable, dismissing concerns that it would not serve its purpose.
He concluded by clarifying that there was no proposal to ban the Rs5,000 currency note.