Pakistan’s central bank will introduce a new polymer plastic banknote later this year as part of a broader redesign of its existing currency to enhance security features, including holograms.
State Bank of Pakistan Governor Jameel Ahmed announced to a Senate committee on banking and finance in Islamabad that all current paper banknotes are being redesigned and will feature updated security measures by December. The redesigned notes, in denominations of Rs 10, 50, 100, 500, 1,000, and 5,000, will be issued starting in December.
“The old notes will remain in circulation for five years, gradually phased out by the central bank,” a source close to the committee said.
Ahmed also revealed that a new polymer plastic banknote will be introduced in a single denomination initially. If successful, the bank may expand the use of plastic currency to other denominations. Approximately 40 countries currently use polymer banknotes due to their difficulty to counterfeit and advanced security features, such as holograms and see-through windows. Australia was the first to introduce polymer notes in 1998.
The central bank has no plans to withdraw the Rs 5,000 note, despite concerns raised by committee member Mohsin Aziz about its potential misuse.
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