KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmed announced on Monday that new design currency notes are awaiting cabinet approval, with the first issuance expected by the end of 2025. He shared the update during a press conference where he also unveiled the revised policy rate.
“As per the announcement last year, SBP is moving forward with the issuance of new design currency notes,” Ahmed said, adding that the first note is likely to be introduced in the next fiscal year.
The governor emphasized the complexity of the process, explaining that the design is still under review. “It’s a long process, and the committee is working on it,” he said, noting that cabinet approval is expected within the next two to three months.
Ahmed stated that the new notes would be rolled out in phases but did not disclose which denomination would be released first. “All currency notes will be issued phase by phase, but we are still in the final stages of approval,” he said.
In addition to the new currency design, Ahmed highlighted the SBP’s initiative to introduce a Central Bank Digital Currency (CBDC). He revealed that a bill to establish the legal framework for the digital currency is currently under review by the federal government.
The phased introduction of the new notes and the CBDC initiative represent significant steps toward modernization and innovation in Pakistan’s financial system.
