Pakistan’s new currency notes are coming soon, here is what we know
Pakistan will introduce new currency notes this year, State Bank of Pakistan (SBP) Governor Jamil Ahmed announced on Monday. The new notes will be rolled out gradually, in phases, with the first new denomination to be released in 2025.
The SBP is currently evaluating the designs, which will be submitted to the federal cabinet for approval. Governor Ahmed did not specify which denomination will be introduced first, emphasizing a careful, phased approach to ensure a smooth transition.
In addition to the new physical currency, the SBP is also making progress towards launching a digital currency. This initiative, underway for two years, involves collaboration with international agencies and other central banks to enhance Pakistan’s technological and regulatory infrastructure.
The project requires amendments to the State Bank Act, with a draft amendment bill currently under government review. A comprehensive plan for the digital currency launch will be unveiled once the legal and infrastructural requirements are met.
This announcement comes on the heels of the SBP’s decision to reduce the policy rate by one percentage point, from 13% to 12%.
This move, following a Monetary Policy Committee meeting, reflects positive economic trends, including a six-month current account surplus and a significant drop in inflation. The SBP cited these favorable economic conditions as the basis for the rate cut.
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