SBP to Replace All Currency Notes by Year-End Following Misprint Scandal; NSPC and PSPC to Merge

The State Bank of Pakistan (SBP) has announced an ambitious plan to replace all existing currency notes by the end of this year. This initiative is part of a broader effort to enhance the security of Pakistan’s currency and prevent counterfeiting. The new notes will feature state-of-the-art anti-counterfeiting technology, bringing them in line with international standards. The public is encouraged to exchange their old notes at banks and designated outlets before the December 31 deadline.

This move follows a recent controversy where misprinted currency notes were mistakenly circulated, raising concerns about the SBP's quality control processes. In response, the SBP has committed to strengthening internal controls to prevent similar incidents in the future. Governor Jameel Ahmad emphasized that the overhaul of the currency notes is a crucial step in safeguarding the integrity of the country’s financial system.

In a related development, the government has decided to merge the National Security Printing Company (NSPC) with the Pakistan Security Printing Corporation (PSPC). This merger is expected to streamline the production of security documents, including the new banknotes, and strengthen the overall security infrastructure. The merger aims to enhance efficiency in the production process and ensure that the new notes meet the highest standards of security and quality.

These measures reflect the SBP’s ongoing efforts to modernize Pakistan’s currency and address public concerns about the integrity of the country’s financial instruments. The introduction of these new notes and the merger of key security printing institutions mark a significant step towards improving the security and reliability of Pakistan’s currency.