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The State Bank of Pakistan (SBP) recently revealed its strategic initiative to introduce a fresh set of currency notes across all denominations in the nation. This significant move underscores a dedication to incorporating cutting-edge international security features into the banknotes, with the primary goal of addressing the issue of hoarding black money within the country.
Governor Jamil Ahmed of the SBP has detailed the meticulous process that will be employed in executing this currency overhaul. Notably, competitions have been scheduled for February to determine the aesthetic design of the upcoming banknotes. This approach not only includes the infusion of visually appealing elements but also underscores the integration of advanced security measures like intricate coverings, serial numbers, and designs adhering to global standards.
A pivotal aspect of the plan is the concerted effort to combat the circulation of counterfeit currency within Pakistan. By aligning with international standards, the SBP aims to strengthen the authenticity of its currency, making it more resistant to illicit duplication. This move plays a crucial role in safeguarding the nation’s financial integrity and preserving trust in its monetary system.
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Governor Ahmed has also acknowledged the challenges faced by other nations in similar endeavors, referencing India’s experience. To prevent chaos, the replacement of currency notes will occur in a phased process rather than an instantaneous switch. This cautious approach is designed to minimize disruptions and ensure a seamless transition, reassuring the public that their monetary transactions will not face undue interruptions.
As the comprehensive plan unfolds, it is expected that all aspects related to the launch of the new currency will be finalized by March 2024. Governor Ahmed’s assurance that the new banknotes will feature elements specifically designed to deter the flow of fake currency reinforces the SBP’s commitment to fortifying the integrity of Pakistan’s currency and financial system.