In a new currency note update, Security Papers Limited (SPL), which supplies high-security banknote paper to the State Bank of Pakistan (SBP), has awarded a paper machine upgrade project worth Rs3.4 billion to the German company Giesecke+Devrient (G+D).
The paper machine upgrade project, which has been initiated to enhance SPL’s production capacity, is expected to be completed in eighteen months.
The Chief Executive Officer of SPL, Imran Qureshi, in a statement, said that the upgrade is necessary to fulfil the SBP’s requirements for the new currency notes. He added that it would not only make Pakistan’s currency more secure and resistant to counterfeiting but also strengthen SPL’s position in the global currency security paper market.
Claudio Segrelta, Managing Director for the Middle East and Africa at G+D highlighted that with G+D’s expertise in the banknote industry and advanced technology, SPL would be fully equipped to produce banknote paper that meets future demands and international standards.
When will the new currency notes be introduced in Pakistan?
In September 2024, the State Bank announced the results of the design competition for the new banknote series. This process began in January 2024, and an art competition was held in March 2024 to obtain modern and thematic designs for the banknotes.
State Bank Governor Jameel Ahmed made the announcement earlier this year that the first new banknote would be put into circulation in the second half of 2025, and all the current notes would be phased out gradually. He also made it clear that the new design currency notes would not be released into the market before the fiscal year between July 2025 and June 2026.
