Islamabad: In a significant move, the State Bank of Pakistan (SBP) announced plans to overhaul the nation’s currency by introducing new designs for all denominations, ranging from Rs 10 to Rs 5,000, by the end of December 2024. This initiative aims to modernize the physical currency and enhance security features, including the potential adoption of plastic notes.

According to Zameen.Com, the announcement came during a briefing by SBP Governor Jameel Ahmed to the Senate Standing Committee on Finance. Governor Ahmed clarified that contrary to circulating rumors, the Rs 5,000 note would not be discontinued but would instead be reissued with a new design. The central bank’s decision counters proposals for the note’s removal, such as that suggested by Senator Mohsin Aziz, which aimed to combat issues like smuggling.

The introduction of advanced security features and the exploration of durable plastic currency options mark a proactive step by the SBP to address both security concerns and longevity of the currency notes. This comprehensive redesign is part of the central bank’s broader strategy to ensure the reliability and integrity of the national monetary system.