German firm awarded paper machine upgrade project for newly designed banknotes

Security Papers Limited (SPL) has commissioned a Rs3.4 billion project to upgrade its paper machine, awarding the contract to the German firm Giesecke+Devrient (G+D), in preparation for the rollout of Pakistan’s newly designed banknotes.

In an official statement, SPL announced that the project includes an international tender worth €8.297 million awarded to G+D. The upgrade is expected to be completed within 18 months.

This initiative is designed to enhance SPL’s production capabilities, aligning with the latest global trends and integrating advanced security features into banknote paper. The upgrade aims to meet the evolving requirements of the State Bank of Pakistan (SBP), which has announced the launch of a new series of banknotes.

In January 2024, SBP initiated the process of designing new banknotes for all existing denominations, followed by an art competition in March 2024 to encourage innovative and thematic design ideas. The winners were announced in September 2024.

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Earlier this year, SBP Governor Jameel Ahmad confirmed that the first of the newly designed banknotes would be issued in the second half of 2025, gradually replacing the existing ones. He clarified that the new notes would not enter circulation before the new fiscal year, which spans July 2025 to June 2026.