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KARACHI: The State Bank of Pakistan (SBP) has in principle decided to introduce new currency notes across all denominations following a rise in complaints about fake notes, its Governor Jameel Ahmad said on Monday.
“Complaints related to fake currency notes have increased,” SBP Governor Jameel Ahmed said during an informal conversation with reporters after addressing a press conference in Karachi on Monday.
The central bank maintained the policy rate at 22% for the fifth consecutive time.
“The framework of new currency notes has been started. It will be completed by March.”
He went on to add that the new bills would be introduced with international security features.
Last year in December, the Senate Standing Committee on Finance voiced concern over the alarming circulation of Rs5000 notes, which even officials of State Bank of Pakistan (SBP) failed to ‘recognize’.
While spotlighting the gravity of the issue, PPP Senator Salim Mandviwala – who chaired the standing committee’s meeting – tabled a bundle of counterfeit Rs5000 notes and said even parliamentarians are not immune to the fraud.
