Commodities & Currency

Pakistan to Introduce New Currency Notes to Battle Counterfeit Money

Pakistan new currency

The Pakistan central bank announced that it would introduce new currency notes with enhanced security features to combat counterfeiting.

State Bank of Pakistan Governor Jameel Ahmed told the media here that the new currency notes will have advanced international security features, including distinct security numbers and designs.

According to news agency PTI, the State bank of Pakistan has been issuing new banknote/currency series since 2005, starting with Rs 20 and extending to Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 5000.

In order to ensure the genuineness of the banknotes, various security features have been incorporated to ensure the pace with global trends.

Moreover, Ahmed said the transition would be gradual to avoid disruptions and public panic as has occurred in other countries.

Nevertheless, some financial experts of Pakistan wonder if the introduction of new currency notes could also include demonetisation of Rs 5,000 and higher denomination notes in order to combat counterfeits and black market transactions.

Due to the circulation of higher denomination notes, Pakistan’s cash-strapped economy is heavily influenced by the illegal use of black money.

“It is the right step to ensure the integrity of Pakistan’s monetary system, but whether this will include demonetisation remains to be seen,” said Sohail Farooq of Capital Investment.

Regarding the central bank, he confirmed the use of counterfeit currency notes had increased in the market.

According to him, the introduction of new currency notes would ensure reliability in circulation and give businesses confidence to Pakistan.

According to another banker, the central bank should ensure that the new currency does not cause any inconvenience to the public and businesses during its implementation.

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