'Need for new currency notes increases'

Printing corp will have additional responsibility in coming years

KARACHI: Being the sole issuer of banknotes in the country, the State Bank of Pakistan (SBP) gives utmost importance to the integrity and quality of banknotes along with its timely supply in the system, said SBP Governor Tariq Bajwa.

He said this during his first visit to the Pakistan Security Printing Corporation (PSPC). In order to have full control over the issuance of banknotes, the central bank deemed it necessary to acquire the organisation’s printing functions, he added.



The SBP acquired the banknote and prize bond printing functions of PSPC from the federal government in June 2017.

During his visit, the governor was apprised of PSPC’s functions by the management. He was also briefed about the printing process of currency notes.

Speaking to a gathering of PSPC employees, he appreciated their hard work.

“This is in line with global and regional trends as a number of central banks including the Central Bank of France, Turkey, Italy, Australia, India and various others have their own banknotes’ printing facilities.”

The governor added that given the increasing need for currency notes due to an expanding economy and launch of new savings schemes, PSPC would have additional responsibilities in coming years.



Bajwa stated that manpower was the key to an efficient institution. Its skills and capacity determine the pace of progress. “We will have to evaluate the existing manpower of PSPC and arrange for harnessing its potential. Moreover, in view of the increasing needs of the corporation, we will have to hire new talent,” he said.

Published in The Express Tribune, August 18^th, 2017.

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