State Bank of Pakistan (SBP) to print new currency notes with updated design. Governor Jameel Ahmed of the State Bank of Pakistan (SBP) made a historic revelation, revealing intentions for a major revamp of the country’s monetary system. The central bank’s plan to launch new currency notes in all denominations aims to address the growing issue of counterfeit currency circulation and improve security measures. In an informal chat with journalists, Governor Jameel Ahmed stressed the moral basis of this move, indicating a commitment to combating illicit money in Pakistan.
The new currency notes will include sophisticated worldwide security measures, vivid colors, unique serial numbers, and elaborate designs. They will be released after a design competition in February. In contrast to India’s sudden currency shift, the central bank is focused on ensuring a seamless transition in order to minimize interruptions to everyday transactions.
The governor of the SBP allayed public fears regarding the frequency of counterfeit notes by assuring them that the addition of additional security elements is a component of a comprehensive plan. The central bank’s commitment to maintaining the integrity of Pakistan’s monetary system is reflected in the continuing design framework, which is anticipated to be completed by March.
However, the move is not without scrutiny. Financial expert Khurram Schehzad, CEO of Alpha Beta Core, applauds the implementation of sophisticated security measures but warns against expecting fast achievements in combating dirty money. Schehzad emphasizes the necessity for new steps to limit or reduce the circulation of higher denomination currency notes, as well as the importance of analyzing cash hoards by the public.
In contrast to previous demonetization operations, the SBP’s methodology aims to manage currency updates while minimizing delays to daily transactions. Schehzad asks the central bank to carefully evaluate the termination of higher denomination notes, citing previous issues in other nations. He underlines the significance of the SBP’s currency printing policy in reducing the driving forces behind growing inflation and ensuring economic stability throughout the process. As the design competition and currency update progress, the SBP’s activities will be constantly monitored in the hopes of producing a more safe and strong monetary system for Pakistan.