SBP shares update on new currency note designs

KARACHI: The State Bank of Pakistan has taken an important step forward regarding the design of new currency notes.

State Bank Governor Jameel Ahmad has noted that there may be a delay in the issuance of the new currency notes as the federal government has returned the proposed designs to the State Bank for further changes and improvements.

Speaking to journalists during a ceremony at the Karachi Chamber of Commerce and Industry (KCCI), the governor said the government had sent the designs back with suggestions for changes and enhancements. He added that the State Bank is currently working on incorporating those revisions.

Jameel Ahmad stated that once the revised designs are approved by the federal cabinet, the printing process will begin. He said the State Bank is ready, and the new notes will be launched in the market after formal approval.

During the event, responding to a question regarding a drug trafficker Anmol Pinky’s bank account, the governor said that suspicious financial transactions are identified by the Financial Monitoring Unit (FMU).

He added that anti-money laundering laws are in place to deal with such cases.

Read More: Rs5000 note being discontinued? SBP governor clears the air

The governor further said that if the current situation in the Middle East persists, it could have economic implications for Pakistan, including potential inflationary pressure.

He also noted that Pakistan’s external debt has not increased over the past four years. According to him, the country’s projected growth rate for the current year is 3.7 %, compared to an average growth rate of 3.4 % over the last two decades.