The State Bank of Pakistan (SBP) on Monday announced plans to issue new currency notes featuring international security features. 

The central bank assured a seamless transition, avoiding disruptions akin to India’s 2016 demonetisation. 

Governor Jameel Ahmad stated that the new notes would have updated serial numbers, designs, and heightened security features. The design framework is expected to be finalised by March.

The decision, prompted by concerns over counterfeit currency, was cautiously welcomed by financial experts. 

CEO Khurram Schehzad acknowledged the move as a “positive development” but cautioned against premature assessment. 

He emphasised the need to address higher-denomination notes and questioned their effectiveness, citing challenges faced by countries like India after demonetisation.

Schehzad underscored the importance of evaluating the impact on black money, highlighting the public’s inclination to convert cash into alternative assets amidst inflation. 

He urged the SBP to consider reducing the number of higher-denomination notes in circulation to address economic concerns, emphasising the role of controlled currency printing in curbing inflation.