The State Bank of Pakistan plans to issue rupee notes in a new series beginning in the second half of 2025. Some steps remain before the process can begin, including securing the federal cabinet’s approval of the process. 

Existing notes will be replaced one by one rather than all at the same time. The bank did not indicate which denomination would be newly issued first or in what order the denominations would be replaced.

In September 2024, the State Bank of Pakistan announced completion of a competition for design ideas and identified the winners.

The central bank started the process in January 2024 and initiated the art competition in March.

In addition to new designs, new notes will include heightened security features.

Bank governor Jameel Ahmad said the newly designed notes would not be in circulation before the start of the next fiscal year, which begins in July 2025.

Currently, Pakistan employs seven denominations of rupees in its bank note array: Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000, and Rs5,000.

The current note series was introduced by the State Bank of Pakistan in 2005, with the 20-rupee note appearing first, followed by the introduction of notes of the other denominations.

Currency conversion tables in February equate one U.S. dollar with 278.85 Pakistani rupees.

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