KARACHI – State Bank of Pakistan (SBP) Jameel Ahmed Governor revealed that a decision has been taken to replace the existing currency notes with new banknotes of all denomination.
He made the announcement while holding an informal discussion with reporters, saying the move aimed at curbing the illegal financial activities in the country.
He said the new currency notes will be printed on material that would incorporate international security features and new design.
The governor said the central bank would hold a competition in February for the design of the new currency notes, adding that appealing design would be selected.
He said the design framework for the new banknotes has already begun and is anticipated to be completed by March.
How to Change Old-Design Currency Notes?
During his discussion with reporters, he hinted at introducing the currency in a proper ways in order to save people from panic that had been witnessed in India when it abruptly launched the new currency, banning the previous one.
Once the new currency notes are launched, people would be able to get their old notes changed by visiting the State Bank of Pakistan or any private bank across the country.