March will see the introduction of new currency notes with security features: SBP
KARACHI: With a focus on ensuring minimal disruption, the State Bank of Pakistan (SBP) declared on Monday that it will be introducing new currency notes with characteristics related to international security.
The governor of the central bank declared, “The upcoming notes will integrate international security features, including new serial numbers, designs, and enhanced security measures.”
The revised notes will be available in about a month, he said, adding that work on the design framework was already under way and that it would be finished by March.
The governor of SBP made it clear that the process of transition will not be similar to India’s sudden demonetization in 2016, which resulted in considerable societal upheaval and a brief decline in the country’s quarterly GDP.
KARACHI: With a focus on ensuring minimal disruption, the State Bank of Pakistan (SBP) declared on Monday that it will be introducing new currency notes with characteristics related to international security.
The governor of the central bank declared, “The upcoming notes will integrate international security features, including new serial numbers, designs, and enhanced security measures.”
The revised notes will be available in about a month, he said, adding that work on the design framework was already under way and that it would be finished by March.
The governor of SBP made it clear that the process of transition will not be similar to India’s sudden demonetization in 2016, which resulted in considerable societal upheaval and a brief decline in the country’s quarterly GDP.
Since then, India has continued to prosper and has moved towards digital payments, which has reduced inflation.