SBP to unveil redesigned currency notes by late 2025 after Cabinet approval

ISLAMABAD: Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, has revealed that the newly designed currency notes are awaiting approval from the Cabinet. The first of these notes is expected to be introduced by the end of 2025.

In addition to the new currency notes, the SBP is working on launching a Central Bank Digital Currency (CBDC). A bill that would provide the necessary legal backing for this digital currency is currently being reviewed by the federal government.

Addressing a question during the monetary policy briefing, Governor Ahmed stated that once the bill is passed, it will establish the legal framework needed to proceed with the digital currency project. He described the initiative as highly advanced, requiring a thorough understanding of global trends and modern technology—an area the SBP has focused on for the past two years.

The governor highlighted the importance of building the SBP’s technological capacity to meet the challenges of such a complex project. “It’s not just about introducing a new currency,” Ahmed explained, “it’s about staying in step with the rest of the world and ensuring Pakistan is not left behind.”

For the last two years, the SBP has been carefully monitoring global developments in digital currency and studying how other countries have implemented similar frameworks.

Alongside technological preparations, the bank has been working to adjust legal and regulatory systems to support this transition. Governor Ahmed noted that several changes in the legal structure were necessary, and Pakistan would need to adapt its systems accordingly.

“We need to ensure that our legal and regulatory frameworks are ready for the digital currency. This is why the bill is currently being reviewed by the federal government,” he said.

According to Business Recorder, on the subject of new currency notes, Ahmed confirmed that, as announced last year, the SBP is moving ahead with plans to issue redesigned notes. The first note is expected to be released in the next fiscal year.

“It’s a lengthy process, and a committee is overseeing it,” he explained. He added that the design approval is currently in progress, and the Cabinet is expected to make its final decision within the next two to three months.

The governor clarified that the new notes will be introduced gradually, but he did not specify which denomination would come first. “The currency notes will be rolled out in phases. However, we are still finalising the details,” he concluded.

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