State Bank Governor shares Update on New Currency Notes for Eidul Fitr 2026

2026-02-06 - 11:56

KARACHI – Pakistanis hoping to get New currency notes as Eidi this Eidul Fitr have been dealt with blow. State Bank Governor Jameel Ahmed confirmed that the newly designed notes will not be available during the festive season. Speaking to journalists, SBP Governor said the cabinet already got designs of the new currency notes, but even after approval, it will take time to print them. The notes will feature state-of-the-art security measures, enabling anyone to easily distinguish between genuine and counterfeit currency. In an exciting development, three major international banks have expressed their desire to establish branches in Pakistan. Negotiations are ongoing, though the Governor did not disclose the countries involved. Governor Jameel Ahmed also addressed a common misconception about interest rates. Contrary to popular belief, a lower interest rate does not save the government money. Instead, it reduces the State Bank’s profit, which is the revenue that goes to the government. Last year alone, the State Bank contributed PKR 2,400 billion to government coffers as profit. On the economic front, the Governor announced that remittances are expected to exceed the annual target. Pakistani expatriates are projected to send a staggering $42 billion back home in the current fiscal year. Meanwhile, exports are likely to fall compared to last year, largely due to a sharp decline in rice exports. Non-food exports, however, have increased by 5–6%, and with government support, rice exports are expected to rebound. The central bank has already made $6 billion in external payments, with another $4 billion due over the next five months, which the Governor assured would be easily managed. Digital payments have seen significant improvements, with plans to digitize 2 million merchants this year. Improvements in SME financing have also been noted, and the reduction in interest rates is expected to make housing loans more accessible. He revealed that 166 exchange companies were previously conducting currency transactions, but stringent action has been taken. Currently, only 26 exchange companies are authorized to operate. New rules for buying and selling currency in the open market have been imposed, and any violations will face strict penalties. Pakistan to roll out New 100–5000 Currency Notes soon; full details here