New Banknote Designs Finalised, Awaiting Cabinet Approval, SBP Governor Says
KARACHI: The designs for Pakistan’s new currency notes have been finalised and submitted to the federal cabinet for approval, State Bank of Pakistan (SBP) Governor Jameel Ahmad announced on Friday.
Speaking at a meeting with the Karachi Chamber of Commerce and Industry (KCCI), Ahmad confirmed the development in response to questions about delays. The central bank initiated the process in January 2024, inviting public submissions for designs. The new banknotes are intended to feature advanced security measures to combat counterfeiting, in line with the established practice of updating currency every 15 to 20 years.
Ahmad also addressed economic indicators, warning of temporary inflationary pressures that could see inflation exceed seven per cent in the final quarter of FY26. However, he reaffirmed the SBP’s commitment to its medium-term target of 5-7 per cent. He noted the country’s external account is in a much stronger position, with the current account in surplus for the first nine months of FY26 and remittances expected to surpass $41 billion this fiscal year, up from $38 billion last year.
The SBP governor highlighted that reforms and strict actions against illegal money transfers have helped stabilise the economy and strengthen foreign exchange reserves. Regarding a question about suspicious financial activity, he assured that banks are required to monitor and report any unusual transactions to law enforcement agencies.
The meeting also covered the SBP’s focus on small and medium enterprises (SMEs), with financing surging from Rs491 billion in June 2024 to Rs882 billion by December 2025, and a target of Rs1.5 trillion by June 2028. KCCI representatives raised concerns about commercial banks determining valuation benchmarks for trade, urging the SBP to withdraw these powers to facilitate smoother operations.
Sources: Source
