Islamabad: The State Bank of Pakistan (SBP) is planning to update the national currency, according to a report on August 21.
SBP Governor Jameel Ahmed informed the Senate Standing Committee on Finance that the central bank will introduce new designs for all currency notes, from Rs 10 to Rs 5,000, by December 2024.
Governor Ahmed clarified that the Rs 5,000 note will not be discontinued, despite some rumours. Instead, it will have a new design. The updated notes will include better security features, and the SBP is considering using plastic materials if they are more durable than paper.
A suggestion to phase out the Rs 5,000 note to fight smuggling, proposed by Senator Mohsin Aziz, was rejected by the SBP. The motive of State Bank of Pakistan is focused on improving the currency rather than removing it.
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