SBP to issue new banknotes by year-end

Governor of the State Bank of Pakistan Jameel Ahmed announced that the new design currency notes are currently awaiting Cabinet approval with the first of these notes expected to be released by the end of 2025.

A bill to provide the legal framework for the CBDC is currently under federal government review. During the monetary policy briefing, SBP Governor Jameel Ahmed stated that the bill’s approval will lay the legal groundwork for rolling out the digital currency. 

He highlighted that this is a complex, high-tech project requiring expertise in global trends and advanced technology. Over the past two years, the SBP has studied global developments in digital currencies to ensure Pakistan keeps up with international advancements.

The Governor confirmed that SBP has been strengthening its technological capabilities and making necessary legal and regulatory adjustments to ensure a smooth and lawful transition to digital currency.

Regarding new currency notes, Jameel Ahmed said the first redesigned note is expected to be issued in the next fiscal year. The approval process for the design is underway, and the federal cabinet is expected to finalize it within two to three months. The rollout will happen in phases, but the specific denominations for the initial release were not disclosed.

The CBDC initiative and the redesigned currency notes are part of SBP’s efforts to modernize Pakistan’s financial system and align it with global standards. The SBP remains committed to leveraging technology and updating policies to strengthen the country’s financial framework.