The governor of the State Bank of Pakistan (SBP), Jameel Ahmed, declared on Monday that the bank has made the moral choice to replace the current currency system with new notes in all denominations.
The governor of the central bank stated in an informal interview with reporters that the goal of this action is to confront people or organisations engaged in illegal financial activity within the nation.
The governor of the State Bank gave the public the assurance that the new notes would be produced on materials that included cutting-edge international security features, improved the security of the legal tender, and reduced the amount of counterfeit money in circulation.
According to the governor, SBP intends to hold a competition for the new currency note design in February of next month. The competition will concentrate on producing notes with sophisticated security measures, eye-catching designs, and brilliant colours.
According to the governor, work on the new notes’ design framework has already begun and should be finished by March.
The SBP governor said, “However, we will not change the notes like India,” a decision that shocked the country when it demonetized in 2016.
complaints about counterfeit notes being circulated around the nation. By putting into practice a comprehensive plan that involves adding cutting-edge technical security elements to the new currency notes, the bank hopes to allay these worries.
According to further sources, this ground-breaking project is anticipated to improve the general integrity and security of the currency in addition to battling black money within the nation.
