ISLAMABAD: Pakistanis waiting to receive newly designed currency notes ahead of Eid al-Fitr 2026 may have to wait longer, as State Bank of Pakistan (SBP) Governor Jameel Ahmad has confirmed that the notes will not be available by the festival.
Talking to the media, the SBP governor said the new currency designs have already been finalised and submitted to the federal cabinet. However, he explained that once approval is granted, the process of printing and building sufficient stock will take considerable time. He added that the redesigned notes will feature modern security elements to help the public easily differentiate between real and counterfeit currency.
Governor Ahmad also disclosed that leading banks from three different countries have shown interest in starting operations in Pakistan. While discussions are underway, he said it was too early to reveal further details.
Commenting on monetary policy, he rejected the notion that interest rate cuts automatically translate into government savings. He noted that lower interest rates reduce the SBP’s profits, which are transferred to the government. Last year, the central bank paid around Rs2.4 trillion to the government, though he expressed optimism that reduced rates would make housing loans more affordable for citizens.
Sharing economic projections, the governor said remittances could reach $42 billion this year, while overall exports may decline. He pointed out that non-food exports have grown by 5–6 percent, whereas food exports, particularly rice, have fallen. Government measures, he added, are expected to support a recovery in rice exports.
He further highlighted progress in digital payments, stating that nearly two million merchants are likely to be brought into the digital system this year. Financing for small and medium enterprises has also improved, with an increase of Rs150 billion.
