Islamabad, 21 August 2021 (TDI): The State Bank of Pakistan (SBP) has decided to replace all currency notes currently being used in the country by December 2024.
SBP Governor Jameel Ahmed revealed this while briefing the Senate Standing Committee on Finance.
Jameel said the SBP will soon seek permission from the federal government to phase out old currency notes and replace them with new ones.
Under this program, he said, the new currency bill denominations ranging from Rs10 to Rs5000 will be issued by December 2024.
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During the meeting, Senator Mohsin Aziz questioned if the central bank planned to phase out the Rs5000 note.
He also apprised the committee that the Rs5000 currency note will not be phased out, but changed with a new design.
Governor SBP said the new currency bills will be made from polymeric material, not paper. “Plastic currency will be used in the future if it proves to be more durable than paper currency,” Jameel said.
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