SBP mulls discontinuing Rs10 currency note over rising 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 security, the Pakistan Remittance…
The State Bank of Pakistan (SBP) is contemplating the discontinuation of the Rs10 banknote due to escalating production expenses, according to a senior central bank official who briefed a Senate committee on Tuesday. Deputy Governor Dr Inayat Hussain revealed this information during a meeting of the Senate Standing Committee on Finance and Revenue, where they delved into topics such as currency security, the Pakistan Remittance Initiative (PRI), and safeguarding foreign investments.
The committee deliberated on the proposed discontinuation of the Rs10 note, with an official stating that it would take approximately one year to introduce new currency notes after the current model is phased out. The printing cost for a Rs5,000 note was reported to be around Rs14, indicating the potential financial implications of the proposed change.
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