The State Bank of Pakistan’s decision to introduce new currency notes was not taken at the behest of the International Monetary Fund (IMF), the bank’s Deputy Governor Saleem Ullah said on Thursday.
Saleem Ullah, while speaking to media, said new notes are printed every 15 to 20 years, the purpose of which is to maintain its integrity.
During the conversation, the deputy governor also maintained that the deficit is expected to decrease in the next financial year, according to the new monetary policy.
Earlier this week, the country’s central bank said it intended to launch new currency notes in the next two years, clarifying that the existing banknote series will remain in circulation even after the issuance of the new one.
Saleem Ullah, commenting on the issuance of the last series of currency notes, said it was issued in 2005 and lasted for three years.
“It will take about two years to issue the first note. It is a lengthy process.”
He added that the new currency will be printed using modern technology.
Sharing details about the State Bank’s plan to seek suggestions on the currency notes’ design, the deputy governor said that public opinion has also been sought.
“There are three prizes for each denomination and there are a total of seven denominations, hence 21 prizes. The first prize is Rs1 million, second prize is Rs500,000 and third is Rs300,000,” he added.
Once the process of new currency notes rolling out for the public begins, they will be able to exchange their notes easily across the country’s 17,000 branches.
“New currency notes will be transferred to the account. Old currency notes will be phased out.”