Governor Jameel Ahmed of the State Bank of Pakistan declared on Monday that the central bank is set to revamp the current currency system, introducing new notes across all denominations. This initiative aims to combat illicit financial activities, with the new notes incorporating state-of-the-art security features to deter counterfeit circulation.
The SBP governor revealed plans for a design competition in February to create visually appealing notes with advanced security measures, and the design framework is expected to be finalized by March.
According to the source,the decision to overhaul the currency system is driven by an increasing number of complaints about counterfeit notes circulating nationwide. In response, the bank is adopting a comprehensive strategy, incorporating technologically advanced security features into the new currency notes to tackle this issue.
Insiders noted that this pioneering initiative is anticipated to not only address illicit funds within the nation but also reinforce the overall integrity and security of the currency.