The State Bank of Pakistan (SBP) has been working on new currency note designs for two years, but the process is still not complete, the Senate Standing Committee on Finance was told on Tuesday.
SBP officials revealed that the proposed designs had been sent to the Ministry of Finance around a year ago, but the ministry had yet to respond.
SBP officials said the new notes are being designed with enhanced security features, but the proposed designs are still under review by a federal cabinet committee.
The cabinet has already made changes to the designs, while another subcommittee is currently reviewing them. Any further changes could require the designs to go through the approval process again.
Committee Chairman Senator Saleem Mandviwalla criticized the slow progress, saying the process had taken so long that the committee’s own term could end before the new notes are issued.
The State Bank has been unable to prepare new currency notes for two years, he said. He also questioned the process used to select the consultant and the company involved in designing the new notes.
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