In February 2024, the State Bank of Pakistan (SBP) will start replacing most current currency notes to reduce corruption and improve security.
SBP Governor Jameel Ahmad discussed the strategy before a press conference. The plan involves phasing out old notes and introducing new ones with advanced security and different colours. This responds to the global need for counterfeit-resistant currency.
Notably, counterfeit Rs1,000 notes have been circulating. The new notes target corruption, especially hidden illicit funds. Some political resistance is expected, but Governor Ahmad remains confident in the effectiveness of these measures.
Furthermore, there’s pressure to phase out the Rs5,000 note linked to corruption and informal economic activities. Previously, SBP removed unregistered prize bonds of Rs40,000 and Rs25,000, also associated with corruption.
