The State Bank of Pakistan (SBP) has officially selected the design for the country’s new currency notes, according to SBP Governor Jameel Ahmed. The announcement was made during a press conference in Karachi, where he also addressed the central bank’s latest monetary policy decisions.

Governor Ahmed stated that the new banknote design has been chosen from submissions that included both local and international entries. A design by an international expert has been selected for implementation. Work on printing and distributing the new notes will begin following formal approval from the federal cabinet.

SBP Maintains Interest Rate at 11%

In the same press briefing, the SBP confirmed that it will maintain the key interest rate at 11% for the next two months. The decision comes after a comprehensive review of current economic indicators.

Governor Ahmed explained that while inflation has shown some upward movement in recent months—rising to 7.2%—overall economic trends are stabilizing. “Inflation began increasing in April and has remained elevated through May and June, but we are seeing positive signs across several sectors,” he noted.

He added that the decision to hold the interest rate steady is based on improvements in key macroeconomic indicators and continued efforts to support economic recovery. Exports have increased by 4% compared to last year, reflecting some resilience in trade performance.

Despite challenges, the SBP governor reaffirmed the central bank’s commitment to fostering economic stability and managing inflationary pressures. However, he also acknowledged that Pakistan’s GDP growth is expected to remain below its target, in line with recent projections from the International Monetary Fund (IMF).

The move to redesign currency notes marks a significant development in Pakistan’s monetary system, signaling modernization and potential changes in security features to curb counterfeiting.