How long will it take for State Bank to issue new currency?
Deputy Governor State Bank Salimullah says that new currency notes are printed every 15 to 20 years.
Speaking on Geo News' morning show Geo Pakistan, Deputy Governor State Bank Salimullah said that the purpose of the new currency is to maintain the utility of notes, which had been issued in 2005 and the process lasted for three years.
Salimullah said that it will take about two years to issue the first note, which is a long process. The new currency will be printed using advanced technology.
He further said that the people have also been asked for their suggestions for the design of the currency note, there are three prizes for each denomination, there are seven denominations in total, so there are 21 prizes.
Deputy Governor State Bank said that the first prize is Rs 10 lakh, the second prize is Rs 5 lakh and the third prize is Rs 3 lakh.
He said that there are 17,000 bank branches across the country, people will be able to exchange their notes easily from there, new currency notes will be transferred to the account while old currency notes will be phased out.
The Deputy Governor State Bank said that the decision to print new currency was not taken at the request of the IMF, according to the new monetary policy, inflation is expected to decrease in the next financial year.
