Pakistan’s long-awaited new currency notes are now closer to reality, but they will not enter circulation immediately.
The State Bank of Pakistan (SBP) has confirmed that printing of redesigned banknotes will begin only after formal approval from the federal cabinet, putting a clear timeline marker on a process that has been in the works for over two years.
Speaking at a press conference, SBP Governor Jameel Ahmad said the central bank was ready to start printing the new designs as soon as the cabinet gives the green light. He was responding to questions after the SBP decided to keep its benchmark policy rate unchanged at 10.5 percent in its first Monetary Policy Committee meeting of 2026.
“The process is at an advanced stage,” the governor said, adding that two to three different denominations would be printed at the same time once approval is secured.
Cabinet approval key step
While printing may start soon after cabinet approval, the new notes will not appear in wallets overnight. According to the SBP, the redesigned currency will be released into circulation only after the central bank builds a minimum stock of the new notes. These will then gradually replace existing notes through a phased process.
This means the public should expect a slow and controlled rollout rather than a sudden switch.
The SBP has not shared which denominations will be introduced first. At present, Pakistan has notes of Rs10, Rs20, Rs50, Rs75, Rs100, Rs500, Rs1,000 and Rs5,000 in circulation.
The governor confirmed that the designs have already been sent to the government and are now with the cabinet for final approval. Earlier this month, the Prime Minister’s Office said the cabinet had reviewed the redesign proposal and formed a committee to examine the matter in detail. The notes are being redesigned to meet modern standards, with international experts involved in the process.
Years of preparation behind the redesign
Work on the new currency series formally began in January 2024, when the SBP launched a nationwide effort to redesign all existing denominations. An art competition held in March 2024 invited creative ideas for the new notes, and the winners were announced in September 2024.
On the production side, Security Papers Limited has also been preparing for the shift. In March 2025, the company awarded a Rs3.4 billion upgrade project to German firm Giesecke+Devrient to modernise its paper production facilities. The upgrade is expected to take 18 months, aligning closely with the SBP’s rollout plans.
Taken together, these steps suggest that while printing could begin soon, Pakistanis may see the new notes enter circulation later, once both approval and logistical readiness are fully in place.
Read next: Pakistan’s inflation likely to stay between 5-6 percent in January
