The State Bank of Pakistan (SBP) has decided to replace existing currency notes with new ones, featuring advanced security features and designs. The new notes will be introduced in denominations ranging from Rs 10 to Rs 5,000 by December 2024.
SBP Governor Jameel Ahmed informed the Senate Standing Committee on Finance that the central bank will soon seek permission from the federal cabinet to launch the new currency notes. The new notes will be made of both paper and polymeric material, with the latter being more durable and potentially used in the future.
The denominations of the new currency notes are:
- Rs 10
- Rs 20
- Rs 50
- Rs 100
- Rs 500
- Rs 1,000
- Rs 5,000
The SBP governor clarified that the Rs 5,000 note will not be phased out, contrary to rumors, but will be replaced with a new design.
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