The State Bank of Pakistan (SBP) has announced that it is ready to begin printing new-design currency notes of two to three different denominations once formal approval is granted by the federal cabinet. The development marks a significant step in Pakistan’s long-awaited currency redesign process, aimed at aligning banknotes with modern security and design standards.
SBP Governor Jameel Ahmad shared the update while addressing a press conference after the central bank’s Monetary Policy Committee meeting, where the benchmark policy rate was maintained at 10.5% for the next six weeks. Responding to a question, the governor stated that preparations for printing the new banknotes were at an advanced stage and only pending cabinet clearance.
According to the SBP governor, printing of multiple denominations will begin simultaneously rather than in isolation. However, he refrained from specifying which denominations would be introduced first. At present, Pakistan has currency notes of Rs10, Rs20, Rs50, Rs75, Rs100, Rs500, Rs1,000, and Rs5,000 in circulation. The new notes will gradually replace existing ones through a phased mechanism, ensuring continuity and minimizing disruption in daily transactions.
Governor Ahmad explained that the new-design notes would only enter circulation once the central bank has built a minimum stock required for a smooth transition. This approach reflects SBP’s intention to avoid shortages and ensure adequate availability across the country before older notes are withdrawn.
The redesign process has already gone through multiple institutional stages. The SBP has submitted the proposed designs to the federal government, which then forwarded them to the cabinet for final approval. Earlier, the Prime Minister’s Office confirmed that the federal cabinet, under Prime Minister Shehbaz Sharif, had reviewed the redesign proposals and formed a special cabinet committee to examine the matter in detail.
Officials have indicated that the new currency notes are being developed in line with international best practices. To achieve this, international experts were engaged to enhance both aesthetic appeal and security features, addressing concerns such as counterfeiting and durability.
The redesign initiative is also supported by infrastructure upgrades. In March 2025, Security Papers Limited announced a Rs3.4 billion paper machine upgrade project awarded to Germany-based firm Giesecke+Devrient. The project, expected to be completed within 18 months, is aimed at improving the quality and security of banknote paper used in Pakistan.
The SBP’s journey toward new banknotes formally began in January 2024, followed by an art competition in March 2024 to encourage innovative and thematic designs. Winners of the competition were announced in September 2024, bringing the country closer to a refreshed currency series.
With cabinet approval now awaited, the printing and phased circulation of new-design currency notes in 2026 is expected to modernize Pakistan’s cash system while maintaining public confidence in the national currency.
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