ISLAMABAD: The State Bank of Pakistan (SBP) has completed the development of new banknote designs incorporating updated security elements and has submitted them to the federal cabinet for formal approval. The progress was shared during a meeting of the Senate Standing Committee on Finance and Revenue.
According to SBP Governor Jameel Ahmad, the proposed designs have already been cleared by the central bank’s board. He informed lawmakers that the printing process will commence once the cabinet grants its approval. The introduction of the new notes into circulation will take place gradually, beginning after sufficient stock has been produced to replace existing notes.
The redesign initiative is intended to strengthen safeguards against counterfeiting and modernise Pakistan’s currency framework. Officials indicated that more than one denomination may be printed at the same time; however, no details were provided regarding which notes will be released first.
At present, currency denominations in circulation include Rs10, Rs20, Rs50, Rs75, Rs100, Rs500, Rs1,000 and Rs5,000. The committee session, chaired by Senator Saleem Mandviwala, also addressed matters related to financial oversight and regulatory administration.
In a separate development, the SBP’s Monetary Policy Committee decided to maintain the benchmark interest rate at 10.5 percent in its first meeting of 2026. The rollout of the redesigned currency will proceed once the necessary approvals are completed and production benchmarks are achieved.
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