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SBP refutes reports about issuance of polymer banknotes

04:14 PM | 16 Mar, 2024
SBP refutes reports about issuance of polymer banknotes
Source: File Photo

KARACHI – State Bank of Pakistan (SBP) strongly refuted the reports regarding replacing the paper currency with polymer (plastic) banknotes.

Calling the reports baseless and without substance, SBP said: “There is no such plan or suggestion currently under consideration regarding change in the substrate of banknotes from paper to the polymer”. 

It added that SBP uses cotton based paper substrate which is manufactured locally by the Security Papers Limited, using primarily local raw materials.

A day earlier, reports claimed that the central bank had planned to introduce plastic currency notes in the country to curb flow of fake banknotes in the market. 

The central bank, according to reports, 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. 

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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