The State Bank of Pakistan (SBP) is set to release new design currency notes, with Governor Jameel Ahmed confirming that the first batch will be issued by the end of 2025. During a recent press conference, he shared updates on the progress of the project, which is now awaiting cabinet approval.
New Currency Notes Awaiting Cabinet Approval
SBP Governor Jameel Ahmed explained that the new currency notes are currently under review. Once the cabinet approves the designs, the first notes will likely be issued in the next fiscal year. “It’s a long process, and the committee is working on it,” said Ahmed, emphasizing the thorough nature of the process.
Phased Release of New Notes
The new currency notes will be released in phases, though the specific denomination to be launched first has not been revealed. Ahmed reassured the public that all notes would eventually be issued gradually. “We are still in the final stages of approval,” he added.
Digital Currency Initiative
In addition to the redesigned notes, SBP is also working on the introduction of a Central Bank Digital Currency (CBDC). The legal framework for this digital currency is under review by the federal government. This initiative aims to modernize Pakistan’s banking system and bring it closer to global trends.
The announcement of the new currency notes signals an important step in Pakistan’s financial modernization. With approval expected soon, the public will soon see updated currency designs. The push for a digital currency further highlights SBP’s dedication to improving Pakistan’s financial landscape.
