Pakistan’s State Bank to Replace Currency Notes Gradually

SBP (State Bank of Pakistan) has said that they will introduce a new currency note within 2025, and it will slowly replace the existing one. It will denomination at a slow pace and with improved security so that fake currencies can be tackled. 

He said that our aim is to get it done by mid-2025, and we will get approval for it within 2 or 3 months from the federal cabinet and start the process in 2025. This will be a slow and steady process, and it will not be done all at once, meaning one at a time.

The SBP chief did not clarify whether the currency notes will be demoted first; however, the existing ones are 10 PKR, 20 PKR, 50 PKR, 100 PKR, 500 PKR, 1000 PKR, and 5000 PKR.

SPL (Security Paper Limited) is also upgrading its plant, which also makes security banknotes. SBP held a competition in September 2024 for making a new currency design, and SBP has already selected the winners from that contest.