Pakistan is edging closer to seeing newly designed currency notes in circulation, as the State Bank of Pakistan (SBP) says the printing process is nearly ready to begin. SBP Governor Jameel Ahmad has confirmed that once the federal cabinet gives its final approval, the central bank will start printing two to three denominations at the same time.
Speaking after the latest Monetary Policy Committee (MPC) meeting, the governor made it clear that the rollout will not be rushed. The SBP plans to first build enough stock of the new notes before replacing existing ones, ensuring a smooth and orderly transition rather than a sudden swap.
Policy Update and Current Stance
Alongside the update on currency redesign, the SBP also announced that it has kept the policy rate unchanged at 10.5% in its first MPC meeting of 2026. While the governor confirmed steady progress on the new banknotes, he chose not to reveal which denominations would be released first. At present, Pakistan’s currency system includes notes ranging from Rs10 to Rs5,000, all of which are expected to be redesigned over time.
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Cabinet Approval Still Key
The approval process is well underway. The SBP has already sent the proposed designs to the government, which then forwarded them to the federal cabinet. Earlier, the Prime Minister’s Office confirmed that a special cabinet committee was set up to closely examine the redesign plans. Officials have also stressed that the new currency is being developed to meet modern design and security standards, with guidance from international experts.
Quick Snapshot: New Currency Notes
- Printing status: At an advanced stage
- Cabinet approval: Awaited
- Initial rollout: 2–3 denominations (not yet disclosed)
- Replacement plan: Gradual, phased circulation
- Design approach: Modern, globally aligned standards
- Design competition: Held in March 2024
Stronger Paper, Better Security
Behind the scenes, work is already underway to improve the quality of Pakistan’s banknotes. In March 2025, Security Papers Limited (SPL) approved a Rs3.4 billion upgrade project for its paper manufacturing facility, awarding the contract to Germany’s Giesecke+Devrient (G+D). Once completed—within an estimated 18 months—the upgrade is expected to produce tougher, more secure banknote paper, helping reduce counterfeiting and extending the life of each note.
How It All Started
The redesign journey began in January 2024, when the SBP launched a comprehensive plan to refresh the entire currency series. This was followed by a nationwide art competition in March, aimed at gathering fresh, meaningful design ideas. The winning entries were announced in September 2024, paving the way for the final designs now awaiting cabinet approval.
What This Means for the Public
For everyday users, the upcoming currency notes represent more than just a visual refresh. They promise better security, longer-lasting paper, and a modern look that reflects current global standards. While the final green light from the cabinet is still pending, all signs suggest that Pakistan is not far from introducing its new banknotes—carefully, gradually, and with minimal disruption.
