To manage this transition smoothly, the government will provide a clear timeline to all banks.
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Web Desk
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The federal government has decided to replace paper currency with new banknotes across the country, covering all denominations from Rs10 to Rs5,000.
For the first time, Pakistan will also introduce polymer (plastic) currency notes, which have a longer lifespan compared to traditional paper notes. The move aims to improve durability and reduce wear and tear of currency in circulation.
According to sources, around Rs10,260 billion worth of currency is currently in circulation in the country. To manage this transition smoothly, the government will provide a clear timeline to all banks.
No existing banknote will be withdrawn from circulation. However, all denominations will undergo major changes in design and security features. The new notes will include modern security elements, while polymer notes will be made using special plastic-based material to enhance durability and prevent counterfeiting.
The Ministry of Finance said that after approval from the federal cabinet, the new currency notes will be introduced nationwide during the current year. The initiative is expected to significantly improve both the quality and security of Pakistan’s currency system.
