The State Bank of Pakistan (SBP) has recently disclosed its strategic initiative to introduce a new set of currency notes across all denominations in the country. This significant development is underscored by a commitment to integrate cutting-edge international security features into the banknotes, aimed at tackling the issue of black money hoarding within the nation.
Governor Jamil Ahmed of the SBP has outlined the meticulous process that will be followed in implementing this currency overhaul. Notably, competitions are scheduled for February to determine the aesthetic design of the upcoming banknotes. This approach not only involves the incorporation of appealing visual elements but also emphasizes the integration of enhanced security measures such as intricate coverings, serial numbers, and designs conforming to global standards.
A crucial aspect of the plan is the concerted effort to combat the circulation of counterfeit currency within Pakistan. By adhering to international standards, the SBP aims to bolster the authenticity of its currency, making it more resilient against illicit duplication. This move is significant in safeguarding the nation’s financial integrity and preserving trust in its monetary system.
Governor Ahmed has also taken cognizance of past challenges faced by other nations in similar endeavors, citing India’s experience. To avert chaos, the replacement of currency notes will be a phased process rather than a simultaneous switch. This cautious approach is designed to mitigate disruptions and ensure a smooth transition, assuring the public that their monetary transactions will not be unduly disrupted.
As the comprehensive plan unfolds, it is anticipated that all aspects related to the launch of the new currency will be finalized by March 2024. Governor Ahmed’s assurance that the new banknotes will be equipped with features specifically designed to deter the flow of fake currency reinforces the SBP’s commitment to fortifying the integrity of Pakistan’s currency and financial system.
