Islamabad, August 22, 2024 – The State Bank of Pakistan (SBP) has announced a major overhaul of the country’s currency notes, with a new design set to be introduced by December 2025. This move will see the replacement of all existing denominations ranging from Rs. 10 to Rs. 5000.
According to documents received, approximately PKR 9,500 billion worth of currency notes are currently in circulation across the country. The SBP’s governor, Jameel Ahmad, revealed in a recent briefing that the redesign will affect nearly 15.7 billion notes currently being used in the market.
The breakdown of the denominations in circulation includes:
- Rs. 5000: 990 million notes, valued at over PKR 4,950 billion.
- Rs. 1000: 1.192 billion notes, valued at PKR 3,192 billion.
- Rs. 500: 1.639 billion notes, valued at PKR 825.5 billion.
- Rs. 100: 1.486 billion notes.
- Rs. 50: 1.898 billion notes.
- Rs. 20: 716 million notes.
- Rs. 10: Over 5.67 billion notes, making it the most widely circulated denomination.
The redesign initiative aims to enhance security features and prevent counterfeiting while refreshing the aesthetic appeal of Pakistan’s currency. This step is part of broader efforts to modernize the country’s financial systems.
The redesign initiative aims to enhance security features and prevent counterfeiting while refreshing the aesthetic appeal of Pakistan’s currency. This step is part of broader efforts to modernize the country’s financial systems.
The SBP will gradually phase out the old notes and replace them with the new design over the next year, ensuring a smooth transition for the public and financial institutions.
