ISLAMABAD: State Bank of Pakistan Governor Briefs Parliamentary Committee on New Currency Notes and Other Issues
State Bank of Pakistan (SBP) Governor Jameel Ahmad, while briefing the Senate Standing Committee on Finance and Revenue, announced that the central bank has submitted a proposal to the federal cabinet for the issuance of newly designed currency notes featuring advanced security features.
The SBP Board has finalized the designs for all denominations and forwarded them to the federal government for final approval.
According to the governor, the ultimate decision and approval for issuing these new notes now lies with the federal government.
He explained that designs for currency notes of all denominations are being updated, with modern technology being incorporated into both the design and issuance processes.
Additionally, the introduction of plastic (polymer) currency notes is under consideration on an experimental or pilot basis.
Governor Jameel Ahmad clarified that there is no proposal under consideration to discontinue the Rs5,000 currency note.
On this point, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial noted that phasing out the Rs5, 000 note could cause fluctuations in the economy.
Committee Chairman Senator Saleem Mandviwalla stated that since the governor had clearly confirmed the note would remain in circulation, the matter was closed.
The meeting also addressed concerns regarding charges imposed by banks for SMS alerts related to ATM withdrawals and deposits.
The committee chairman highlighted that consumers were being charged for SMS notifications.
In response, Governor Ahmad explained that mandatory SMS alerts (such as those required for security or regulatory reasons) carry no charges, while fees apply only to optional or additional services.
He further revealed that these charges are paid directly by banks to telecom companies, and the State Bank does not receive any portion of them.
The governor disclosed that telecom companies’ SMS charges have risen dramatically over the past two years—from 0.04 rupees to more than 4 rupees per message
. Committee Chairman Saleem Mandviwalla remarked that the committee would now need to summon telecom companies for further investigation to determine exactly how much each is charging and why.
FBR Chairman Langrial emphasized that the advancement of technology should not disadvantage consumers.
Another committee member raised the issue of banks requiring customers to sign numerous forms when opening accounts.
Additionally, a member inquired about trade with China, Russia, and other countries in currencies other than the US dollar.
Governor Ahmad confirmed that trade with China is already conducted in Chinese yuan (renminbi).
However, when asked about currency rollover arrangements with the UAE, he described it as a matter for the Ministry of Foreign Affairs and declined to comment further.
The briefing took place during a Senate Standing Committee on Finance meeting chaired by Senator Saleem Mandviwalla in early February 2026.
The committee directed that the new currency designs be presented for review in an upcoming in-camera session.
