State Bank of Pakistan (SBP) Governor Jameel Ahmad said the central bank’s board has approved new designs for currency notes, adding that all existing notes will be replaced after approval from the federal government.
While briefing the Senate Standing Committee on Finance, the SBP governor said the new currency notes will carry improved security features and a new colour scheme. He said implementation will take place following approval by the federal cabinet.
Jameel Ahmad said there is no proposal under consideration to discontinue the Rs5,000 note.
Meanwhile, the FBR chairman said that any move to abolish the Rs5,000 note would have a major impact on the market.
Committee chairman Saleem Mandviwalla said three counterfeit Rs5,000 notes had been handed to the SBP deputy governor during a committee meeting, but no action was taken and the notes were not returned. He added that the Rs75 note is not used in the market and said currency should be issued in denominations that are practically usable.
Moreover, Finance Minister Muhammad Aurangzeb said Panda bonds will be issued in the first quarter of the current year and that discussions regarding the issuance are ongoing.
The Committee members asked whether the UAE had rolled over its loan for only one month. The finance secretary responded that this was not the case and said the question was not appropriate.
