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