Rs3.4 billion to be spent on machine upgrade for new Pakistani banknotes

ISLAMABAD: Security Papers Limited (SPL) has awarded a Rs3.4 billion contract to German firm Giesecke+Devrient (G+D) for upgrading its paper machines in preparation for Pakistan’s new banknotes.

According to SPL’s press statement, the project includes an international tender worth Euro 8.297 million awarded to G+D. The upgrade is expected to be completed in 18 months.

This project is aimed at boosting SPL’s production capabilities to meet international standards and incorporate advanced security features in banknote paper, aligning with the State Bank of Pakistan’s (SBP) plan to introduce a new series of banknotes.

SPL’s CEO, Imran Qureshi, emphasised the importance of the upgrade, stating, “By enhancing our production capacity, we will ensure Pakistan’s currency remains secure and resistant to counterfeiting. This upgrade will also position SPL as a leader in the global currency security paper market, adhering to the highest standards.”

Claudio Sgarlata, Managing Director for the Middle East and Africa at G+D’s Currency Management Solutions, expressed confidence in the collaboration. He said, “With G+D’s expertise and cutting-edge technology, SPL will be fully equipped to produce banknote paper that meets future requirements and international standards.”

The SBP, in September 2024, announced the winners of a design competition for the new banknote series. The central bank had begun the process of redesigning and issuing new banknotes across all denominations in January 2024 and launched an art competition in March to gather creative and thematic ideas for the new currency.

Earlier this year, SBP Governor Jameel Ahmad stated that the first of the new banknotes would be introduced in the second half of 2025, with the existing notes being gradually replaced. However, he clarified that the newly designed notes would not be in circulation before the start of the fiscal year 2025-26.

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