The State Bank of Pakistan (SBP) has stated on Thursday that rumours regarding a deadline to exchange 10-rupee currency notes are baseless and contrary to the facts.
In a statement issued from Karachi, the SBP said that the Federal Cabinet is considering a proposal by the State Bank to introduce a new series of banknotes.
The State Bank’s statement further added that no decision has been made to exchange or discontinue currency notes of any denomination.
New currency notes could face delay
The launch of new currency notes in Pakistan may be delayed, according to the SBP’s recent clarification.
SBP Governor Jameel Ahmad said the launch of the redesigned notes could face a delay.
He said that the proposed designs had already been sent to the government for approval. However, the government returned the designs to the SBP for further changes and improvements.
The process is now under review, and the final launch date will be decided after the necessary changes are completed.
The SBP is currently working on the revisions, after which the designs will be sent to the federal cabinet for final approval.
Earlier, while speaking to traders at the Karachi Chamber of Commerce, Jameel Ahmad said the country’s economic situation is significantly different from what it was three years ago.
He said the economy has recovered, but several challenges remain, including economic pressures caused by the conflict in the Middle East.
Are Rs5000 notes discontinuing?
Previously, SBP broke the silence after social media was flooded with several reports claiming that Rs5000 currency notes have been discontinued in Pakistan
Reacting to rumours, Governor SBP Jameel Ahmad said there is no truth in reports regarding ending the Rs5000 currency notes.
Jameel Ahmad told the Senate’s Standing Committee on Finance that SBP is planning a detailed redesign of all Pakistani currency notes, including all modern security features.
The governor said advanced security technologies will be embedded into both the design and structure of the new notes to curb counterfeiting and improve durability.
