ISLAMABAD – If reports are true, the State Bank of Pakistan (SBP) is planning to introduce plastic currency notes in the country to curb flow of fake banknotes in the market.
Reports in local media suggest that the central bank would brief the international Monetary Fund’s (IMF) team, which is in Pakistan for talks on next installment of the $3.3 billion bailout package, on its plan to replace currency notes.
Plastic currency notes are being used for routine activities in far eastern countries and Switzerland. The central bank is yet to officially share the details in this regard.
Back in 2021, rumours had also surfaced that the government was going to replace the paper currency with the plastic notes.
However, the central bank at this time had rubbished the rumours, stating: “Some fake news regarding new designs of currency notes is circulating on social media”.
“SBP categorically denies the news and clarifies that no such proposal is under consideration at the moment,” it had said in a social media post..
The central bank had last redesigned Rs500 curency note in January 2010. Prior to that, the new design of Rs1,000 note was introduced in February 2007 and the new Rs5,000 note in May 2006.