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Pakistan 'plans to replace paper notes with plastic currency'

04:21 PM | 15 Mar, 2024
Pakistan 'plans to replace paper notes with plastic currency'
Source: File Photo

ISLAMABAD – If reports are true, the State Bank of Pakistan (SBP) is planning to introduce plastic currency notes in the country to curb flow of fake banknotes in the market. 

Reports in local media suggest that the central bank would brief the international Monetary Fund’s (IMF) team, which is in Pakistan for talks on next installment of the $3.3 billion bailout package, on its plan to replace currency notes. 

Plastic currency notes are being used for routine activities in far eastern countries and Switzerland. The central bank is yet to officially share the details in this regard. 

Back in 2021, rumours had also surfaced that the government was going to replace the paper currency with the plastic notes. 

However, the central bank at this time had rubbished the rumours, stating: “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 had said in a social media post..

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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Today Open Market Currency Rates - Pak Rupee to US Dollar, Euro, Pound, Riyal - 24 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 24, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.7 for buying and 280.85 for selling.

Euro's buying rate stands at 294.3 and selling rate is 297.9 while British Pound rate is 352 for buying, and 355.5 for selling.

UAE Dirham AED was at 75 and Saudi Riyal at 72.85.

Currency Rates in Pakistan

Currency Symbol Buying Selling
US Dollar ‎USD 277.7 280.85
Euro EUR 294.3 297.9
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 72.85 73.6
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.98 748.98
Canadian Dollar CAD 202 204
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 908.7 917.8
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.75 731.75
Qatari Riyal ‎QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.21 317.71
Thai Bhat THB 7.59 7.74

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