Are Pakistanis getting the new currency notes before Eid? SBP speaks

Pakistanis hoping to get the newly designed currency notes around Eid al-Fitr 2026 may be disappointed, as State Bank of Pakistan Governor Jameel Ahmad has said the notes will not be available by the festival.

Speaking to the media, the SBP governor stated that although the new currency designs have been prepared and submitted to the federal cabinet, printing and building stock will take time after formal approval. He added that the redesigned notes will include the latest security features, enabling ordinary citizens to easily distinguish between genuine and counterfeit currency.

Jameel Ahmad also revealed that major banks from three countries have expressed interest in opening operations in Pakistan. Discussions are ongoing, though he said it would be premature to disclose their names.

Addressing monetary policy, the governor dismissed the perception that a reduction in interest rates directly results in government savings. He explained that lower rates reduce the State Bank’s profits, which are transferred to the government. Last year, the SBP paid approximately Rs2.4 trillion to the government in profits. However, he expressed hope that lower interest rates would make housing loans more accessible.

He further projected that remittances could reach $42 billion this year, while exports may decline overall. Non-food exports have increased by 5–6 percent, but food exports — particularly rice have fallen. He said government support is expected to help boost rice exports.

The governor noted significant improvement in digital payments, adding that around two million merchants are expected to be digitised this year. Financing for small and medium enterprises (SMEs) has also improved, with an increase of Rs150 billion.

Rs5000 Currency Note Being Discontinued?

Earlier, State Bank of Pakistan (SBP) Governor Jameel Ahmed on Wednesday dismissed rumours circulating on social media about the demonetisation of the Rs5000 currency note, calling them false and misleading.

The clarification was made during a meeting of the Senate Standing Committee on Finance and Revenue at the Parliament House, chaired by Senator Saleem Mandviwalla.

The meeting was attended by Finance Minister Muhammad Aurangzeb, the SBP governor, and senior officials of the Federal Board of Revenue (FBR).

“Reports circulating on social media claiming that the Rs5,000 note is being discontinued are fake,” Jameel Ahmed told the committee. “The Rs5,000 currency note is not being demonetised.”

The SBP governor informed lawmakers that the government is working on new designs for Pakistan’s currency notes, ranging from Rs10 to Rs5,000.