LAHORE –The State Bank of Pakistan sees total transformation of cash processing business from manual to automation in next five years and thus would like to see commercial banks aligning their plans with it in this direction, SBP acting governor Saeed Ahmad said. However, from 2009 to 2014, currency in circulation more than doubled from Rs 1,224 billion to Rs 2,500 billion.
Addressing a conference on Currency Management: Strategies for the Future organized by State Bank of Pakistan here, he said, “Without the joint action, desired results to improve the quality of currency notes in circulation will not be achieved.” It was also attended by the leading international experts from Switzerland, Malaysia, and Sri Lanka besides renowned local experts, a statement of the Central Bank issued here said.
He said that banknotes are face of a central bank and ensuring circulation of clean notes, removal of soiled and counterfeit notes, and redistribution of fit notes in the system is amongst key responsibilities of the SBP. He added that all necessary steps are being taken to this effect. Ahmed hoped that the deliberations and recommendations coming out from this conference would enable State Bank to align its currency management policies and strategies with international best practices.
On the occasion, Deputy Governor Operations Kazi Abdul Maktadir said, “We have witnessed a significant surge in currency in circulation during the last five years, from 2009 to 2014, currency in circulation more than doubled from Rs 1,224 billion to Rs 2,500 billion.” he said. Every year, on average, 1.9 billion pieces of currency notes of various denominations are printed.
