The Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, announced on Wednesday that the central bank will replace all current currency notes ranging from Rs. 10 to Rs. 5,000 by the end of this year. The new notes will be made from polymer, which is a type of plastic.
Governor Ahmed shared this information with the Senate Standing Committee on Finance and Revenue. He explained that the introduction of polymer notes aims to reduce the risk of counterfeiting. The plan will start with a test note made from polymer paper. If this test note is found to be strong and secure, the new polymer notes will be distributed across the country.
The governor also mentioned that the Rs. 5,000 note will be part of the new design series. However, he emphasized that law enforcement agencies will be responsible for stopping any misuse of these notes.
Opinion:
I believe that introducing polymer currency notes in Pakistan is a positive step. Polymer notes are known to be more durable and secure, which can help in reducing counterfeiting and prolong the lifespan of the currency. However, it is crucial that law enforcement agencies remain vigilant to prevent any misuse of these new notes. This change should also be communicated clearly to the public to ensure a smooth transition.
