Responding to recent speculation, the State Bank of Pakistan (SBP) Deputy Governor, Saleem Ullah, affirmed on Thursday that the decision to introduce new currency notes was not made under the influence of the International Monetary Fund (IMF).
During an interview, Saleem Ullah emphasised that the move to print new notes is a routine practice undertaken every 15 to 20 years to uphold the integrity of the currency.
Contrary to rumors, he clarified that the deficit is anticipated to decrease in the upcoming financial year, aligning with the objectives of the new monetary policy.
He explained, "New notes are printed every 15 to 20 years. The purpose of the new currency is to maintain the integrity of the note."
Earlier this week, the SBP announced its intention to introduce new currency notes over the next two years, while assuring the public that the existing banknote series would remain in circulation even after the issuance of the new notes.
The deputy governor shed light on the issuance of the last series of currency notes, stating that it was introduced in 2005 and remained in circulation for three years.
He acknowledged the time-consuming nature of the process, estimating it would take about two years to issue the first note due to the meticulous planning involved.
Furthermore, he also assured that the new currency notes would be produced using modern technology, enhancing security features. He shared details about the SBP's initiative to seek public opinion on the design of the new currency notes, emphasising that suggestions were actively being sought from the citizens.
Highlighting the transparency in the process, he revealed, "There are three prizes for each denomination, and there are a total of seven denominations, hence 21 prizes. The first prize is Rs1 million, the second prize is Rs500,000, and the third is Rs300,000."
