ISLAMABAD: The State Bank of Pakistan (SBP) has announced plans to introduce newly designed currency notes across all denominations. SBP Governor Jameel Ahmed shared this update during a briefing, highlighting efforts to modernize Pakistan’s currency system.
The Governor confirmed that the central bank’s board has finalized designs for all banknotes. These designs have now been sent to the federal government for final approval. Once approved, the new notes will be issued in phases.
Addressing public speculation, Governor Ahmed clearly stated that the Rs5000 Note will not be discontinued. He said there is no plan to remove the high-denomination note from circulation. This statement was meant to counter rumors circulating in recent weeks.
The Governor explained that the new currency designs will include modern security features. These features aim to reduce counterfeiting and increase the lifespan of banknotes. He also revealed that plastic currency notes may be introduced on a trial basis. This step would align Pakistan with several countries using polymer notes for durability.
During the briefing, the issue of ATM and SMS charges also came under discussion. Lawmakers raised concerns about banks charging customers for SMS alerts. Governor Ahmed clarified that mandatory transaction alerts are provided free of cost. Charges apply only to optional or extra alert services.
He further explained that rising SMS costs are linked to telecom operators. According to the Governor, SMS charges have increased from Rs0.04 to more than Rs4 in the past two years. Banks pass these costs directly to telecom companies. The SBP does not receive any share of these charges.
Committee Chairman Saleem Mandviwala said telecom companies would be summoned to explain the sharp increase. The aim is to ensure transparency and protect consumers from unnecessary costs.
FBR Chairman Rashid Mahmood Langrial also spoke during the session. He warned that any tampering or sudden policy change regarding the Rs5000 Note could negatively affect economic stability. However, committee members agreed the issue was settled after the SBP’s clarification.
Other banking matters were also reviewed. These included the requirement of multiple signatures for opening bank accounts. The discussion also covered trade in non-dollar currencies with countries like China and Russia. Governor Ahmed confirmed that trade in Chinese currency is already underway.
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Questions about currency arrangements with the UAE were deferred to the Foreign Office. Overall, the SBP emphasized that while technology upgrades are necessary, they should not burden consumers.
