The State Bank of Pakistan has decided to launch the Plastic currency in Pakistan similar to the currency notes in some advanced countries.
The Senate Standing Committee on Finance in Pakistan recently made a significant recommendation to combat the proliferation of counterfeit currency. In a meeting, the committee addressed the concerning rise in fake currency circulating within the country.
Chairman Saleem Mandviwala highlighted the prevalence of counterfeit 1,000 rupee notes and even expressed concerns about counterfeit notes being dispensed by ATM machines.
To address this issue, the State Bank of Pakistan (SBP) Governor, Jameel Ahmed, provided reassurance to the committee. He conveyed the SBP's intent to introduce polymer currency notes in the future.
Furthermore, Governor Ahmed disclosed that the SBP is actively working on enhancing the security features of currency notes, thereby increasing their resilience against counterfeiting.
It's worth noting that the SBP had previously denied any plans to introduce plastic currency. However, the Senate committee's recent recommendation indicates a notable shift in the central bank's stance, signaling a serious consideration of adopting plastic currency to counter the counterfeit currency problem.
This development holds significant implications for the future of Pakistan's currency and its security.