Pakistan to Roll Out New Notes To Combat Counterfeit Currencies: Details Inside

Karachi: In order to deal with the  menace of counterfeit currencies, Pakistan’s central bank has announced that it will introduce new currency notes with enhanced security features. Pakistan has planned enhanced security in the new notes. 

The Governor of the State Bank of Pakistan Jameel Ahmed told the media here that the currency notes will be incorporated with advanced international security features, including distinct security numbers and design to modernise the Pakistani currency. Ahmed also said the transition would be gradual so that Pakistan does not face disruption.

However, some financial experts wonder whether the introduction of new currency notes could also include demonetisation of the Rs 5,000 or higher denomination notes to combat the counterfeit and black money market.

According to experts, cash-strapped Pakistan’s economy is influenced a lot by the illegal use of black money which is easier due to the circulation of higher denomination notes.

“It is the right step to ensure the integrity of Pakistan’s monetary system but will this include demonetisation has to be seen,” said Sohail Farooq of the Capital Investment.

He confirmed there had been a rise in the use of counterfeit currency notes in the market, concerning the central bank.

“If new currency notes are circulated, it will ensure reliability in circulation and also give businesses confidence,” he said.

Another banker said the central bank must just ensure there is no inconvenience to the public and businesses during the implementation of the new currency. 

(PTI Inputs)