Pakistan to experiment with new foreign money notes made from polymer plastic

Pakistan’s central financial institution will experiment with a brand new polymer plastic foreign money banknote later this yr whereas redesigning all the prevailing banknotes for enhanced safety and hologram options.

State Financial institution of Pakistan Governor Jameel Ahmed instructed a Senate committee on banking and finance in Islamabad that each one the prevailing paper foreign money notes are being redesigned with new security measures by December this yr.

Ahmed stated the newly redesigned banknotes within the denominations of ₹10, 50, 100, 500, 1000 and 5000 can be issued in December.

“The previous notes would stay in circulation for 5 years being eased out of the market by the central financial institution,” a supply near the committee stated.

The State Financial institution governor additionally knowledgeable the Senate committee members {that a} new polymer plastic financial institution be aware can be issued in a single denomination for the general public and whether it is acquired effectively, plastic foreign money would comply with in different denominations.

Presently round 40 nations use polymer plastic banknotes that are exhausting to counterfeit and have extra enhanced security measures like hologram and see-through-window.

Australia was the primary nation to introduce polymer banknotes again in 1998.

Ahmed additionally confirmed that the central financial institution had no plans to cancel the ₹5,000 be aware whilst one member, Mohsin Aziz, insisted it made it simpler for corrupt individuals to do their enterprise.