New Currency Plans
Pakistan‘s central bank, the State Bank of Pakistan, will introduce a polymer plastic banknote later this year and will redesign all existing paper banknotes. Governor Jameel Ahmed announced the changes to a Senate committee in Islamabad, detailing that the new currency, including denominations of Rs 10, 50, 100, 500, 1000, and 5000, will be released in December.
Enhanced Security Features
The redesigned notes will feature improved security measures and holograms. Old notes will remain in circulation for up to five years before being phased out. Ahmed also mentioned that a polymer banknote, which is more resistant to counterfeiting and includes advanced security features such as holograms and see-through windows, will be issued in a single denomination initially. If successful, the use of polymer notes may be expanded to other denominations.
Approximately 40 countries currently use polymer banknotes, with Australia pioneering the technology in 1998. The central bank has also confirmed that the Rs 5,000 note will not be discontinued despite concerns about its potential for misuse.