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Is Pakistan replacing paper notes with ‘plastic currency’?

KARACHI – The State Bank of Pakistan (SBP) has rejected rumours that it would introduce new designs of currency notes.

The central bank in a statement said, “Some fake news regarding new designs of currency notes is circulating on social media”.

“SBP categorically denies the news and clarifies that no such proposal is under consideration at the moment,” it said on Twitter.

Social media has been flooded with rumours for days that the Pakistan government was going to launch new “plastic currency notes” to replace the paper currency.

The central bank had last redesigned Rs500 currency note in January 2010. Prior to that, the new design of Rs1,000 note was introduced in February 2007 and the new Rs5,000 note in May 2006.

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