Decision to introduce new currency notes not taken on IMF’s behest: SBP

[ad_1]

A person can be seen holding notes of Pakistani currency Notes in the hands. —AFP/File
A person can be seen holding notes of Pakistani currency Notes in the hands. —AFP/File

State Bank Deputy Governor Saleem Ullah Thursday said that the central bank’s decision to print new currency notes was not taken at the behest of the International Monetary Fund (IMF).

The deputy governor also maintained that the deficit is expected to decrease in the next financial year, according to the new monetary policy.

“New notes are printed every 15 to 20 years. The purpose of the new currency is to maintain the integrity of the note,” he said while speaking during Geo News programme ‘Geo Pakistan’.

Earlier this week, the country’s central bank said it intended to launch new currency notes in the next two years, clarifying that the existing banknote series will remain in circulation even after the issuance of the new one.

Saleem Ullah, commenting on the issuance of the last series of currency notes, said it was issued in 2005 and lasted for three years.

“It will take about two years to issue the first note. It is a lengthy process.”

He added that the new currency will be printed using modern technology.

Sharing details about the State Bank’s plan to seek suggestions on the currency notes’ design, the deputy governor said that public opinion has also been sought.

“There are three prizes for each denomination and there are a total of seven denominations, hence 21 prizes. The first prize is Rs1 million, second prize is Rs500,000 and third is Rs300,000,” he added.

Once the process of new currency notes rolling out for the public begins, they will be able to exchange their notes easily across the country’s 17,000 branches.

“New currency notes will be transferred to the account. Old currency notes will be phased out.”

[ad_2]

Source link

Related articles

Absconding tortoise caught 5 miles from home three and a half years later

[ad_1] NEW DELHI: Florida Sheriff deputies found an African sulcata tortoise in Interlachen, which was later discovered to have escaped its home three and a half years earlier, the UPI reported.“He is definitely someone’s tortoise as he likes people and head pats,” the sheriff’s office wrote on Facebook.Florida’s Wildest Animal Rescue, a nonprofit exotic animal […]

Chinese city officials issue a rare apology after authorities harass journalists on live TV

[ad_1] TAIPEI, Taiwan — City officials in eastern China apologized to local journalists after authorities were shown pushing them and trying to obstruct reporting from the site of a deadly explosion, in a rare acknowledgment of state aggression against journalists. The city of Sanhe, near Beijing, issued a public apology Thursday after authorities were shown harassing reporters […]

Leave a Reply

Your email address will not be published. Required fields are marked *