SBP Reveals Real Reason Behind Delay in New Currency Notes
For context, the State Bank of Pakistan (SBP) has been working on new currency note designs for two years, but the process is still not complete, the Senate Standing Committee on Finance was informed on Tuesday.
For context, the State Bank of Pakistan (SBP) has been working on new currency note designs for two years, but the process is still not complete, the Senate Standing Committee on Finance was informed on Tuesday.
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- The State Bank has been unable to prepare new currency notes for two years, he remarked.
- SBP authorities disclosed that the proposed designs had been sent to the Ministry of Finance around a year ago, but the ministry had yet to respond.
- While another subcommittee is at present reviewing them, the cabinet has already created changes to the designs.
SBP authorities disclosed that the proposed designs had been sent to the Ministry of Finance around a year ago, but the ministry had yet to respond. SBP Considers Ending Rs. 10 Note.
SBP authorities stated the new notes are being designed with enhanced security features, but the proposed designs are still under review by a federal cabinet committee.
While another subcommittee is at present reviewing them, the cabinet has already created changes to the designs. Any further changes could require the designs to go through the approval process again.
Committee Chairman Senator Saleem Mandviwalla criticized the slow progress, saying the process had taken so long that the committee's own term could end before the new notes are issued.
Notably, the State Bank has been unable to prepare new currency notes for two years, he remarked. He additionally questioned the process employed to select the consultant and the firm involved in designing the new notes. Stay Connected with ProPakistani.
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Taken together, the developments around SBP Reveals Real Reason Behind Delay in New Currency Notes point to a situation that is still moving, and the coming days should bring more clarity.
