Karachi, March 16, 2024 – Recent speculation regarding the potential introduction of plastic banknotes in Pakistan has been firmly addressed by the State Bank of Pakistan (SBP), which issued a statement on Saturday refuting any such plans.
The SBP’s clarification comes in response to circulating reports across various news platforms, which have suggested the possibility of polymer (plastic) banknotes being considered for issuance within the country.
In its statement, the SBP categorically dismissed these reports as unfounded, emphasizing that there is currently no proposal under consideration for a transition from the existing paper-based banknotes to polymer substrate.
Pakistan’s banknotes, according to the SBP, are currently produced using a cotton-based paper substrate. This process is facilitated locally by the Security Papers Limited, a company that primarily employs domestic raw materials in the manufacturing of these notes.
The SBP’s announcement is aimed at quelling speculation and uncertainty surrounding the potential adoption of plastic banknotes in Pakistan’s monetary system. By affirming the continued use of paper-based banknotes, the SBP aligns itself with the established practices and manufacturing infrastructure of the country.
Furthermore, the SBP underscored its commitment to maintaining the stability and integrity of the Pakistani currency. The central bank assured citizens and stakeholders of its vigilant oversight over the nation’s monetary affairs, emphasizing its dedication to safeguarding the interests of the public.
As of now, the SBP has provided no indication of any imminent changes to the composition or material of Pakistani banknotes. This reaffirms the ongoing utilization of traditional paper substrates in the country’s currency.
The public is encouraged to refer to official announcements from the State Bank of Pakistan for further updates and developments regarding the nation’s monetary policies and practices.
The SBP’s proactive clarification serves to dispel any misconceptions and reaffirm confidence in the stability of Pakistan’s currency. This comes amidst evolving discussions on modernization and innovation in monetary systems worldwide, signaling the SBP’s commitment to prudent financial management and transparency.
