Is SBP issuing plastic banknotes?
The State Bank of Pakistan (SBP) has refuted rumors about the introduction of polymer banknotes, stating that there are currently no plans to switch from paper to polymer currency. This clarification comes after a bank in Karachi received misprinted banknotes. The SBP explained that such errors can occur due to the large-scale printing of currency.
Earlier in January, the SBP announced the issuance of new currency notes with enhanced security features to align with international standards. The new notes will feature updated designs, serial numbers, and heightened security measures. SBP Governor Jameel Ahmad emphasized that this transition would not disrupt operations, aiming to complete it within two years.
Regarding the withdrawal of existing notes, the SBP assured a gradual process once the new banknotes are sufficiently circulated. This approach aims to ensure a smooth transition without causing inconvenience to the public. The SBP remains committed to maintaining the integrity and security of Pakistan’s currency while adapting to modern standards.
