The State Bank of Pakistan has announced its decision to introduce new currency notes amid increasing complaints of fake currency notes.

“Complaints related to fake currency notes have increased,” SBP Governor Jameel Ahmed said during an informal conversation with reporters after addressing a press conference in Karachi on Monday.

The central bank maintained the policy rate at 22% for the fifth consecutive time.

“The framework of new currency notes has been started. It will be completed by March.”

He went on to add that the new bills would be introduced with international security features.

According to Jameel, the work related to the issuance of new currency notes would be finalised by March.

Last month, reports claimed that PPP leader Saleem Mandviwalla presented a fake note of Rs5,000 in a meeting of the Senate Standing Committee on Finance. The deputy governor of the SBP had failed to identify it.

The development prompted the central bank to share a video to identify the fake note of its largest bill.

In September 2023, the interim setup clarified that it has not scrapped its largest bill after a notification made rounds pertaining to the government’s decision to ban the highest denomination of Pakistani rupee.

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“This is fake,” Solangi wrote on X, formerly known as Twitter, while sharing a fake notification of a ban on Rs5,000 notes. “The Govt of Pakistan shall act against the people spreading this kind of fake news to create chaos.”

Earlier this month, SBP Finance Director Qadir Bakhsh revealed that counterfeit banknotes of Rs1,000 were highest in circulation.

As many as 20,000 fake currency notes were caught from across the country over the past two years, Bakhsh said and added: “If a fake note comes out of the ATM of any bank, then it will be fined 100 times the value of the counterfeit note.”