Pakistan could see new currency notes in its circulation in the next year, it came into the light on Wednesday, as the central bank is also considering the likelihood of plastic money in Pakistan.
This cropped up for consideration in a sitting of the Senate Standing Committee on Finance and Revenue chaired by Senator Suleman Sabir Mandviwalla.
Plastic currency is generally known as polymer substrate currency, which is the use of polymer, a form of plastic, in creating banknotes instead of conventional paper.
These banknotes are more durable, generally less susceptible to forgery, and usually incorporate such security measures as transparent windows and holograms.
It is practiced in several nations including Australia and Canada.
An official statement after the meeting put it this way, ‘The Committee reviewed issues on digital and plastic currency’. “
According to Governor State Bank Jameel Ahmed new currency notes are in preparation and the durability of plastic money is still under consideration.”
“It was briefed that State Bank will internally make the requirements to launch new currency notes by December,” the statement added.
Whenever the need arose, the most important central bank official said, the new plastic currency would be trialed and launched according to the acceptance level within the society.
He also guaranteed that the new currency would include enhanced security features.
