SBP governor announces timeline for new currency notes

State Bank of Pakistan (SBP) Governor Jameel Ahmed announced that new design currency notes are awaiting cabinet approval, with the first release expected by the end of 2025. He shared the news during a press conference on Monday while announcing the revised policy rate.

Addressing the progress, Ahmed said, “As per the announcement last year, SBP is moving forward with the issuance of new design currency notes.” He revealed that the first note is likely to be issued in the next fiscal year.

The governor clarified that the process is extensive. "It’s a long process, and the committee is working on it," he explained. The design is currently under review, and cabinet approval is anticipated within the next two to three months.

Ahmed further noted that the issuance would occur in phases, although he refrained from disclosing which denomination would be released first. "All currency notes will be issued phase by phase, but we are still in the final stages of approval," he added.

Additionally, Ahmed highlighted the SBP’s efforts to introduce a Central Bank Digital Currency. He stated that a bill to establish the legal framework for the digital currency is under review by the federal government.