The State Bank of Pakistan (SBP) has unequivocally rejected recent reports suggesting the issuance of polymer (plastic) banknotes. In a firm statement released on Saturday, the central bank dismissed these claims as “baseless and without substance.”
“No change under consideration”
Amid speculation about the SBP’s purported plans to introduce plastic currency notes as a measure against counterfeit money, the SBP clarified that no such proposal is currently being considered. “There is no such plan or suggestion currently under consideration regarding change in the substrate of banknotes from paper to polymer”, said SBP.
Emphasizing its commitment to the existing cotton-based paper substrate, sourced locally and manufactured by Security Papers Limited, the SBP reaffirmed its stance against transitioning to polymer banknotes.
Addressing concerns raised by recent incidents of misprinted currency notes, particularly Rs 1,000 denominations discovered in fresh bank packets, the SBP assured the public of ongoing efforts to enhance internal controls.
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Despite rigorous quality checks, isolated instances of misprinted notes slipping through the system may occur, but the SBP vowed to fortify measures to prevent such occurrences in the future.
The SBP’s swift response serves to clarify misconceptions and maintain transparency regarding Pakistan’s currency policies, assuring the public of its steadfast commitment to upholding the integrity and security of the nation’s monetary system.
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