SBP moves to discontinue Rs 10 currency note over production cost
The State Bank of Pakistan (SBP) is considering discontinuing the Rs10 banknote amid rising production costs, a senior central bank official told a Senate committee on Tuesday. SBP Deputy Governor Dr Inayat Hussain disclosed the development in a meeting of the Senate Standing Committee on Finance and Revenue. The committee reviewed matters relating to currency […]
The State Bank of Pakistan is considering discontinuing the Rs10 banknote due to rising production costs. This development was disclosed by SBP Deputy Governor Dr Inayat Hussain during a meeting of the Senate Standing Committee on Finance and Revenue.
The committee reviewed various matters, including currency security and the introduction of new currency notes. According to the Senate Secretariat, the SBP has proposed discontinuing the Rs10 note, which could happen after the introduction of new currency notes.
The introduction of new notes is expected to take around one year. The printing cost of a Rs5,000 note is approximately Rs14. The existing Rs5,000 note was introduced in 2005, and advancements in technology have made counterfeiting easier, prompting the SBP to advertise a tender for designing a new note, as per Business Recorder.
Brief written by urgent.news from Daily Times, Business Recorder — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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