SBP rejects rumours about issuing new-design banknotes

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SBP rejects rumours about issuing new-design banknotes

KARACHI: The State Bank of Pakistan Tuesday categorically rejected news regarding issuance of new currency notes bearing various denominations.
“There is no plan whatsoever to issue new-design banknotes in the near future,” the central bank said in a statement.
It clarified that the 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 SBP board has not submitted any recommendation in this respect, to the federal government or cabinet.
“The public is requested to pay no heed to any such rumors-mongering which is aimed at creating unnecessary hype and anxiety in the general public,” it said.

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