Governor of the State Bank of Pakistan, Jameel Ahmed, announced on Wednesday that the country’s currency notes will undergo a redesign by December. He made this announcement while addressing the Senate Standing Committee on Finance, which was chaired by Senator Salim Mandviwala. The governor assured the committee that the revamped notes would feature enhanced security measures.
Ahmed explained that the State Bank is fully committed to this initiative, and the new designs will be introduced once they receive formal approval. The discussion also touched on the potential introduction of digital and plastic currency.
He emphasized that while the current focus is on traditional paper notes, there are plans to experiment with plastic currency. If the plastic notes prove successful in public trials, they could be permanently incorporated into the national currency system.
The idea of plastic currency sparked a lively debate among committee members. Senator Shahzeb Durrani expressed environmental concerns, questioning the wisdom of introducing plastic notes at a time when global efforts are aimed at reducing plastic use. In response, Governor Ahmed assured the committee that the plastic currency would be subjected to rigorous testing to evaluate its durability and public acceptance.
Another point of concern raised during the meeting was by Senator Mohsin Aziz, who linked the highest denomination note, the 5,000-rupee bill, to corruption. He argued that such notes are often hidden in homes and used in illicit activities.
The discussion highlighted the complexities of currency management in Pakistan and underscored the need for careful deliberation before implementing significant changes to the currency system.
