New Currency Notes Be Available This Eid. There has been widespread public interest and speculation regarding the availability of newly designed currency notes in Pakistan ahead of Eid. Addressing these concerns, State Bank of Pakistan (SBP) Governor Jameel Ahmad has clarified that the new currency notes will not be available by the upcoming Eid, as the printing process has not yet begun.
The governor explained that although the designs of the new currency notes have been approved, the next crucial steps depend on formal approval from the federal cabinet. Until this approval is granted, the printing and circulation process cannot move forward.
Cabinet Approval Required Before Printing Begins
Speaking on the matter, Governor Jameel Ahmad stated that preparations for issuing new currency notes are currently pending cabinet clearance. He emphasized that without this approval, the State Bank is unable to initiate large-scale printing of the redesigned notes.
Due to this procedural delay, it has been confirmed that the new currency notes will not enter circulation before Eid, despite public expectations and rising demand during the festive season.
Why New Currency Notes Are Not Coming Before Eid
Eid traditionally sees a surge in demand for fresh currency notes, especially for gifting (Eidi). However, the SBP governor made it clear that logistical and administrative timelines make it impossible to meet this demand with newly designed notes this year.
The governor added that printing currency is a complex and time-consuming process, involving security features, quality checks, and distribution planning, all of which can only begin after government approval.
Approved Designs but Pending Execution
Earlier, the State Bank of Pakistan approved the designs of new currency notes, raising hopes that they would soon be available in the market. However, approval of designs does not automatically mean immediate printing or circulation.
According to SBP officials, once cabinet approval is obtained, the printing process will begin, followed by gradual circulation across banks and financial institutions nationwide.
IMF Agreement and Monetary Discipline
During his statement, Governor Jameel Ahmad also highlighted Pakistan’s commitment to a strict monetary policy agreement with the International Monetary Fund (IMF). He reaffirmed that the government and the State Bank remain aligned with IMF conditions to ensure economic stability.
The governor stressed that maintaining fiscal discipline and controlling inflation remain top priorities, even while planning significant changes such as the introduction of new currency notes.
Pakistan Pays $6 Billion in External Debt
In addition to discussing currency matters, the SBP governor revealed that Pakistan has already paid $6 billion in external debt and interest obligations. This development reflects the government’s efforts to meet international financial commitments despite ongoing economic challenges.
Experts believe that timely debt repayments strengthen Pakistan’s credibility with global financial institutions and investors, which is crucial for economic recovery.
Public Reaction and Expectations
The announcement has led to mixed reactions among the public. Many citizens expressed disappointment, as new currency notes are especially popular during Eid. Others appreciated the transparency shown by the State Bank in clarifying the situation early.
Economic analysts suggest that while the delay may be frustrating, it is important to follow proper procedures to ensure the security and authenticity of currency notes.
When Can New Currency Notes Be Expected?
Although no official date has been announced, SBP officials indicate that new currency notes will be introduced only after federal cabinet approval and completion of the printing process. Once issued, the notes are expected to be released gradually to avoid disruption in the existing monetary system.
The State Bank has assured the public that current currency notes will remain fully valid and functional, and there is no shortage of cash for routine transactions or Eid-related needs.
Conclusion
In conclusion, newly designed currency notes will not be available by Eid, as confirmed by State Bank of Pakistan Governor Jameel Ahmad. The delay is due to pending approval from the federal cabinet, without which the printing process cannot begin.
