SBP considering replacing old currency: governor

ISLAMABAD: State Bank of Pakistan Governor Jameel Ahmad on Wednesday said that the bank has decided to replace old banknotes with new currency.

During a briefing at the Senate Standing Committee on Finance, chaired by Saleem Mandviwala, the SBP governor said that along with paper currency a plastic note will also be introduced.

He said that they would test the lifespan of plastic notes. He added that the process of introducing new banknotes will be completed by December.

Jameel Ahmad said that approval from the federal cabinet will be sought to introduce the new currency design.

All new features will be introduced in the new currency notes, said State Bank Governor Jameel Ahmad. He also noted that polymer plastic will be used for the plastic currency.

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He added that the current currency will be replaced by plastic notes if they are accepted by the public.

He clarified that the Rs 5,000 banknote will not be discontinued, and there are no such proposals under consideration.

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