State Bank of Pakistan SBP Announces Introduction of New Currency Notes in 2024

Breaking News, January 29, 2024: Pakistan tackles fake notes head-on! The new currency notes will include advanced safety measures to prevent counterfeiting and protect financial transactions.

The National Central Bank (SBP) has made the momentous decision to introduce new banknotes in every denomination. The State Bank of Pakistan’s governor spoke to media in the marketplace after a meeting discussing monetary policy and answered inquiries over the circulation of fake banknotes.

He disclosed that the State Bank has decided to launch new banknotes that have elements for international security. High-security elements will also be incorporated into the color schemes, serial numbers, and general aesthetics of these notes.

According to Jamil Ahmed, designers and technology specialists have worked together to start the framework for the design of all future notes. It’s anticipated to be finished by March.

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Notably, the market has been struggling with the circulating of fake notes in the 1,000 and 5,000 denominations, which has resulted in large financial losses for locals and financial organizations. During last month’s discussions, the State Bank‘s authorities failed to identify counterfeit notes worth $5,000 during a recent Senate Committee on Finance meeting.

In order to combat the growth of fake cash in the market and ensure a more secure financial environment, new currency notes with improved security features have been introduced.

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