State Bank of Pakistan (SBP) has proposed the introduction of newly designed currency notes with advanced security features, Governor Jameel Ahmad said during a parliamentary briefing. The designs for all denominations have been finalized and sent to the federal cabinet for approval.
Governor Ahmad stated that the final approval for issuing the new notes now rests with the federal government. He added that modern technology will be used in the design process, and the use of plastic (polymer) notes is being considered on an experimental basis.
The SBP governor also clarified that there is no plan to discontinue the Rs5,000 note. This announcement comes amid concerns over potential economic instability if such high-denomination currency were removed. FBR Chairman Rashid Mahmood Langrial supported this view, emphasizing that tampering with the Rs5,000 note could affect the economy. Committee Chairman Saleem Mandviwalla confirmed that the matter is settled.
During the meeting, officials also discussed SMS charges imposed by banks on ATM cash withdrawals and deposits. Governor Ahmad explained that mandatory SMS alerts are free, while charges apply only to additional service-related messages. These fees go directly to telecom companies, and the State Bank does not earn from them. Over the past two years, SMS charges have risen from Rs0.04 to over Rs4, prompting plans to summon telecom companies for further investigation.
Other topics included simplifying banking procedures, reducing excessive forms and signatures, and exploring trade with China, Russia, and other countries in currencies other than the US dollar. Governor Ahmad confirmed that trade with China in Chinese currency is already underway but did not comment on arrangements with the UAE, noting it is a matter for the Foreign Office.
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The SBP’s announcement of new notes highlights the government’s efforts to modernize Pakistan’s currency system while maintaining financial stability. The continued use of the Rs5,000 note reassures businesses and consumers alike.
