SBP Reveals Real Reason Behind Delay in New Currency Notes

The State Bank of Pakistan (SBP) has been developing new currency note designs for a period of two years, but the process remains incomplete, according to a recent report by the Senate Standing Committee on Finance. Officials from the SBP disclosed that the proposed designs were submitted to the Ministry of Finance approximately one year ago, yet the ministry has not yet provided a response.

The new currency notes are being crafted with improved security features, yet the designs are still under scrutiny by a federal cabinet committee. This committee has already made amendments to the designs, while a subcommittee is presently evaluating them. Any additional modifications may necessitate the designs to undergo the approval process once more.

Senator Saleem Mandviwalla, who is presiding over the committee, expressed dissatisfaction with the sluggish progress, stating that the committee’s tenure might conclude before the new currency notes are released. Additionally, he cast doubt on the selection procedure for the consultant and the firm responsible for designing the new currency notes.