Saturday, March 16, 2024
No arrangement to change notes' substrate from paper to polymer: SBP.
National bank had before reported to give new money notes.
Banknotes with int'l security highlights to be carried out in 2-3 years.
The State Bank of Pakistan (SBP) Saturday denied "ridiculous" news reports recommending that the national bank was reflecting on giving a polymer banknotes series rather than the conventional paper-based cash notes.
"SBP firmly discredits the reports [regarding issuance of polymer (plastic) banknotes] as outlandish and without substance," the national bank said in a proclamation, adding that there is no such arrangement or idea right now viable in regards to the adjustment of the substrate of banknotes from paper to polymer.
The assertion comes days after a bank in Karachi got "misprinted" banknotes with two Rs1,000 notes having "clear" rears.
Answering the turn of events, the SBP gave an explanation, saying that the gamble of such blames stays because of huge scope printing and creation of money notes.
It is appropriate to realize that in January recently, the national bank had reported giving new cash notes in accordance with the worldwide security highlights.
"The new notes will be printed with a worldwide security highlight. The notes will have new chronic numbers, plans, and high-security includes," the SBP Lead representative Jameel Ahmad had said while focusing on that the switchover wouldn't be troublesome.
"For the most part, it requires a few years to send off another banknote series, nonetheless, the SBP means to finish the cycle inside the following two years," the national bank said in an ensuing public statement.
In the mean time, on the issue of withdrawal of existing series of notes from flow, the bank consoled that any choice in such manner would be taken in a continuous and staged way, when the new banknotes are given and are available for use in adequate amounts.
