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KARACHI: State Bank Governor Jameel Ahmad on Friday revealed that the designs of new currency notes have been finalised and forwarded to the federal cabinet for approval.
The SBP governor disclosed this while responding to a question about the delay in the introduction of new currency notes during his meeting with members of the Karachi Chamber of Commerce and Industry (KCCI) on Friday.
In January 2024, the SBP had invited the general public to submit designs for new currency notes as it initiated the process of replacing the existing banknotes. According to the central bank, the new notes would have advanced security features and address the issue of counterfeit notes. The SBP had said that it was an “established practice” to introduce new banknotes every 15 to 20 years for security purposes.
At the KCCI meeting, Jameel Ahmad clarified that exchange company rates are fully determined by market forces, and the State Bank has no direct role in setting exchange rates. He said progress was underway on the licensing and regulatory framework for virtual assets in Pakistan.
