Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, said that Pakistan’s new currency notes are waiting for approval from the government. The first ones need to be available by the end of 2025. When he announced the updated policy rate during a press conference on Monday, he broke the news.
“As per the announcement last year, SBP is moving forward with the issuance of Pakistan’s fresh currency notes,” Ahmed remarked about the development. The first note will probably be issued in the upcoming fiscal year, he disclosed.
It’s an extended procedure, the governor explained. “It’s a long process, and the committee continues to work on it,” he said. Cabinet approval is expected in two to three months once the design is reviewed.
Ahmed did not specify which denomination would be released initially, but he added that the issuance would occur in stages. “All currency notes will be issued phase by phase, but we are still in the final stages of approval,” he stated.
Ahmed also emphasized the Central Bank Digital Currency initiative of the SBP. He said that an initiative to create the legal foundation for the digital currency is being reviewed by the federal government.
