The State Bank of Pakistan (SBP) Dismisses Rumors of Polymer Banknotes Issuance

The State Bank of Pakistan (SBP) has categorically denied recent news reports claiming that the central bank is considering issuing polymer (plastic) banknotes. In a statement released on Saturday, the SBP emphasized that such reports are entirely baseless and lack any substance. The central bank clarified that there are no plans or suggestions currently being entertained regarding a transition from paper to polymer substrate for banknotes.

This statement comes in response to recent incidents, including one where a bank in Karachi received "misprinted" banknotes, specifically two Rs1,000 notes with blank back sides. A purported video circulated, showing a manager from the National Bank branch in Karachi displaying the currency with one side blank.

In response to this incident, the SBP issued a clarification, stating that occasional misprinting of notes can occur but is typically identified through established checks and balances. The SBP acknowledged that while no system is entirely immune to errors, internal controls are being reinforced to minimize the likelihood of such occurrences in the future.

The central bank reiterated its commitment to maintaining the integrity and reliability of the currency supply in Pakistan, emphasizing ongoing efforts to enhance internal controls and prevent similar incidents from happening again.