The State Bank of Pakistan (SBP) refuted on Saturday “false” media reports that the central bank was considering releasing the polymer banknote.
Polymer banknotes are constructed of a synthetic polymer, such as biaxially oriented polypropylene (BOPP). These notes contain various safety features not accessible in paper banknotes, such as the use of metameric inks.
“SBP passionately rejects the reports about the upcoming issuance of plastic banknotes invalid with no material,”
the central bank stated in a public statement, that there is no such strategy or idea right now under review to change the base material of banknotes from paper to polymeric material.
False News about SBP issuing Polymer Banknote
March 16, 2024 (MLN) The State Bank of Pakistan has clearly disputed reports in the media about the issuing of the Polymer Banknotes Series, according to an announcement published yesterday.
Regarding the recent release of polymeric (plastic) currency, “SBP firmly rejects the rumors as false with no substance,” it said.
The central bank stated that no such plan or recommendation is currently under discussion for changing the base material of currencies from paper to polymer.
SBP uses a cotton-based paper substrate, which is produced domestically by Secure Papers Ltd utilizing mainly local raw materials.
This week, a dispute occurred after a bank in Karachi received “misprinted” banknotes, including two Rs1,000 notes with “blank” backside.
It is worth noting that in January of this year, the central bank planned to issue new notes for the currency with international safety characteristics.
“The new notes will be produced with international security features. The notes will have new numbers for serialization, designs, and high-security characteristics,” State Bank of Pakistan Governor Jameel Ahmad stated, emphasizing that the transition would not be problematic.
“Typically, it takes two to three years to introduce a fresh notes sequence, but the SBP aims to finish the procedure in the next two years,” the central bank stated in a following news statement.
Final Thoughts on Polymer Banknote
The State Bank of Pakistan has dismissed claims of releasing banknotes made of polymer and reaffirmed its dedication to paper currency.
However, the central bank stressed the continued use of paper-based notes with enhanced security measures by international norms.
Concerning the removal of current types of banknotes from circulation, the bank stated that any decision in regard to this would be made gradually and phased in, provided the new banknotes were created and circulated in sufficient amounts.
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