KARACHI: The State Bank of Pakistan (SBP) has tentatively decided to introduce new currency notes across all denominations, addressing the surge in complaints about counterfeit notes, as stated by Governor Jameel Ahmad on Monday.
In an informal discussion with journalists in Karachi, Ahmad mentioned that this move aims to combat illicit financial activities within the country. The upcoming currency will incorporate state-of-the-art International Security Features to bolster its security.
The new notes will also feature redesigned aesthetics and serial numbers, contributing to the prevention of counterfeit circulation. The design process for the updated notes has already commenced and is expected to conclude by March. The decision to revamp the currency was prompted by a growing number of complaints about fake notes circulating across the country. Last December, the Senate Standing Committee on Finance expressed concern about the alarming circulation of Rs5000 notes, with officials even failing to recognize counterfeits.
The central bank aims to take decisive action to curb the widespread circulation of fake notes entering through banks. The SBP deputy governor highlighted the absence of a system to prevent the printing of fake currency within the country.
