SBP adopts international standards to release new, redesigned banknotes

WEB DESK: In a move to curb the proliferation of counterfeit currency, the State Bank of Pakistan (SBP) has announced the issuance of new and redesigned currency notes equipped with advanced security features.

Jameel Ahmad, Governor of SBP, shared this significant development during a press conference held on Monday.

Addressing journalists on the sidelines of the Monetary Policy Committee (MPC) meeting, Ahmad said that these new banknotes would be printed under International Security Futures, providing an unprecedented level of protection against forgery.

This marks a departure from previous practices and reflects the SBP’s commitment to staying ahead of counterfeiters.

The upcoming currency notes will showcase distinctive colours, serial numbers, and designs, accompanied by cutting-edge security features designed to thwart even the most sophisticated attempts at replication.

The decision to introduce these measures comes in response to widespread complaints of fake currency notes circulating across the country.

During the press conference, Ahmad reassured the public that the design framework for the new notes is already in progress and is expected to be finalised by March.

The planning and adoption of international security standards aim to bolster the confidence of the public and financial institutions in the authenticity of Pakistani currency.

This initiative aligns with the SBP’s ongoing efforts to maintain the integrity of the country’s currency and foster a secure financial environment.

The implementation of advanced security measures underscores the gravity of the issue and the central bank’s commitment to safeguarding the nation’s financial system.

Read more: Is PTA reducing approval charges for smartphones?