SBP Unveils Plans for New Secure Currency Notes

The State Bank of Pakistan (SBP) has announced plans to introduce a new series of currency notes across all denominations. However, this move is aimed at enhancing security features and combating counterfeit currency circulation in the country.

The State Bank of Pakistan (SBP) Governor, Jameel Ahmed, announced that the central bank has decided to introduce new currency notes across all denominations. The aim is to boost security features and combat the circulation of counterfeit currency within the country. New notes will be in the loop from March 2024.

During an informal discussion with journalists, Governor Jameel Ahmed shared the plan to revamp the entire currency system in Pakistan, targeting the issue of black money. This decision reflects the central bank’s commitment to addressing the challenges posed by counterfeit currency.

The upcoming currency notes will incorporate advanced international security features to make counterfeiting more difficult. A design competition scheduled for February will determine the look and feel of the new currency. Moreover, these notes are expected to feature vibrant colors, unique serial numbers, intricate designs, and heightened security measures.

Potential Features

In addition, the new notes are expected to have several improved security features, including:

• New designs and colors: The new notes will have a fresh look and feel, with updated designs and color schemes.
• Enhanced security threads: The notes will incorporate new and improved security threads. It will be difficult to replicate and can help to identify counterfeit notes.
• Watermarks: The new notes will have watermarks that are visible when held up to the light.
• Tactile features: The notes will have raised printing or other tactile features that can be felt by visually impaired people.

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Governor Jameel Ahmed assured the public that the transition to the new currency would not cause sudden disruptions, differentiating it from India’s abrupt currency change in the past. However, the decision to update the currency system is a response to the growing concerns about counterfeit notes circulating in the country. It showcases the central bank’s dedication to maintaining the integrity of Pakistan’s monetary system.

Meanwhile, the introduction of new currency notes is a major undertaking. It is important for the SBP to carefully manage the process to ensure that it is successful.