SBP denies issuance of new banknotes

KARACHI: The State Bank of Pakistan (SBP) on Tuesday rejected social media reports alleging it planned issuing new design banknotes of different denominations.

The SBP, in a statement, categorically and vehemently denied and rejected all such news items. “There is no plan whatsoever to issue new design banknotes in the near future,” it said.

It is further clarified that SBP Act, 1956 clearly delineates the functions of different authorities in the matter of selection of design and form of banknotes.

Specifically, section 27 of the Act requires a recommendation of Board of Directors of SBP before the federal government makes any decision concerning design, form and material of banknotes.

The State Bank of Pakistan board of directors has not submitted any recommendation in this respect, to federal government or the cabinet.

The public is requested to pay no heed to any such rumours which aimed at creating unnecessary hype and anxiety in the general public.