The State Bank of Pakistan reports a delay in issuing new currency notes after the government requested design changes. Governor Jameel Ahmed also confirmed forex reserves reached $17 billion.
Governor of the State Bank of Pakistan (SBP) Jameel Ahmed confirmed that the launch of new currency notes in Pakistan faces a delay. The federal government recently returned the proposed designs to the central bank for further improvements.
Government Returns New Currency Notes in Pakistan Designs
The State Bank had initially sent the new designs to the government for final approval. However, the government has requested specific changes to make the notes better before they reach the public.
Governor Jameel Ahmed stated that the SBP is currently working on these requested modifications. The federal cabinet will give the final approval once the designs meet the required standards.
Surge in Forex Reserves and Remittances
During a recent briefing, the Governor highlighted a major improvement in the country’s financial health. Pakistan’s foreign exchange reserves have grown from $3 billion to $17 billion over the last three years.
Remittances also showed strong growth, with $38 billion received in the previous fiscal year. The SBP expects this figure to rise above $41 billion by the end of the current fiscal year.
Stability in External Debt and Current Account
The Governor noted that Pakistan’s external debt has remained stable at approximately $103 billion. This figure is nearly the same as it was four years ago when debt stood at $102 billion.
Pakistan also maintained a current account surplus during the first nine months of this year. While oil prices may impact the final quarter, the total deficit is expected to stay below 1%.
Timeline for New Currency Notes in Pakistan
The State Bank is prioritizing the design changes requested by the cabinet. Once the revisions are complete, the government will review the notes again before the printing process begins.
The Governor attributed these economic improvements to recent reforms. He emphasized that the central bank is working to keep external debt under control while building national reserves.
Source: Originally reported by Hum News
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