The State Bank of Pakistan has announced that after the approval of the federal cabinet, the process of printing currency notes of the new design of two to three different denominations will start.
Addressing a press conference after the announcement of the monetary policy on Monday, State Bank Governor Jamil Ahmed said that the process of preparing new currency notes is in the final stages, and printing will start as soon as the cabinet approves.
According to the Governor of the State Bank, “The process of printing bank notes of new design has progressed considerably. Printing will start soon after the cabinet approves, and notes of two to three different denominations will be printed simultaneously.”
Jamil Ahmed said that the currency notes of the new design will not be released in the market immediately, but will be put into circulation in phases. He said that the new notes will be put into circulation when the central bank obtains adequate stock to replace the existing currency notes in phases.
However, the Governor’s State Bank did not clarify which denominations of notes would be introduced first. Currently, notes of Rs 10, 20, 50, 75, 100, 500, 1000, and 5000 are in circulation in the country. Jamil Ahmed said that the newly designed currency notes had been sent to the government for approval, which was later presented to the federal cabinet.
Earlier, the Prime Minister’s Office had said that the federal cabinet, chaired by Prime Minister Shehbaz Sharif, had reviewed the proposals related to the new design of currency notes and had formed a cabinet committee for this matter. The cabinet was informed that the redesign of currency notes was being done in accordance with modern requirements and with the help of international experts.
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