The much-anticipated launch of Pakistan’s new currency notes is facing an unexpected delay. According to the State Bank of Pakistan (SBP) Governor, Jameel Ahmad, the federal government has returned the newly proposed designs to the central bank for further improvements.
Speaking to traders at the Karachi Chamber of Commerce and Industry (KCCI), the SBP Governor confirmed that the initial designs had already been submitted for official approval. However, the government has requested specific changes and refinements before granting the final clearance.
The State Bank is currently working on these revised designs. Once completed, the final approval for the new banknotes will be given directly by the federal cabinet.
Why is Pakistan Getting New Currency Notes?
The SBP had previously announced a comprehensive plan to introduce redesigned currency notes. The primary goal of this initiative is to modernize Pakistan’s currency system by incorporating advanced, state-of-the-art security features to combat counterfeiting and fraud.
Key Economic Updates from the SBP Governor
During his address, Governor Jameel Ahmad also shed light on Pakistan’s broader economic landscape, highlighting several positive shifts compared to the last three years:
- Improved Import Capacity: The opening of Letters of Credit (LCs) has improved significantly since 2023. Pakistan’s average monthly imports now exceed $5 billion, a major jump from around $3 billion per month just three years ago.
- Economic Stabilization: While acknowledging that challenges remain, the Governor noted clear improvements in the country’s overall economic condition.
- External Risks: Despite domestic progress, he warned that ongoing tensions and conflicts in the Middle East continue to pose external economic pressures and risks for Pakistan.
As the SBP works on refining the new currency designs, the public eagerly awaits the final look of the modernized notes. Stay tuned for more updates once the federal cabinet gives the green light!
