State Bank of Pakistan Denies Plastic Banknotes Rumors

• SBP denies rumors of introducing plastic banknotes, calling them unfounded.
• Reports suggest a switch to polymer notes, but SBP clarifies no such plans are under review.
• SBP uses locally sourced cotton-based paper for banknotes, supporting domestic industries.

Recently, the State Bank of Pakistan (SBP) rejected rumors about introducing plastic banknotes, labeling them as unfounded and incorrect.

Reports circulating on various news platforms indicated a transition from paper to polymer-based banknotes, but the SBP has clarified that there are no such plans under consideration at the moment.

SBP maintains its use of cotton-based paper for banknotes, primarily sourced locally from Security Papers Limited, which contributes to supporting domestic industries.

The SBP's clarification follows widespread misinformation regarding the alleged shift to plastic banknotes, and the bank has urged the public to ignore these unfounded reports.

[embedpost slug="/latest-pakistani-passport-renewal-fee-in-uae-dirham-2024/"]

SBP has reiterated its dedication to using domestically produced cotton-based paper for banknotes, dispelling any rumors of transitioning to polymer notes. This commitment reflects the bank's focus on supporting local industries and bolstering the nation's economic stability.