In a recent developement, SBP plans to issue new currency notes from Rs 10 to Rs 5,000. SBP Governor Jameel Ahmed informed the Senate Standing Committee on Finance that the central bank will seek approval from the federal cabinet to introduce the redesigned currency notes. These new denominations—Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000—will feature updated security elements and are expected to be released by December 2024.
Governor Jameel Ahmed also clarified that the Rs 5,000 note will not be phased out but will receive a new design, dispelling rumors of its discontinuation. Additionally, the SBP plans to introduce plastic currency notes made from polymeric material, with future usage dependent on their durability compared to paper notes.
During the committee meeting, chaired by Senator Farooq H Naik, Senator Mohsin Aziz suggested phasing out the Rs 5,000 note to combat smuggling. However, the SBP governor dismissed this proposal, affirming that there are no plans to discontinue the Rs 5,000 note.
