KARACHI: State Bank of Pakistan Governor Jameel Ahmad has confirmed that newly designed currency notes will not be available this Eid-ul-Fitr.
Speaking with senior journalists, he also shared updates on interest rates, remittances, exports, and digital finance initiatives.
For those hoping to receive new notes as Eidi, there is disappointing news. According to SBP:
• Design approval pending: The new notes are currently with the cabinet.
• Printing timeline: Production will take time after official approval.
• Enhanced security features: Advanced technology will make it easy to identify genuine notes.
Foreign Banks Eye Pakistan
The SBP governor confirmed that three major foreign banks have expressed interest in opening branches in Pakistan. Talks are ongoing, but the names of these countries are not yet disclosed.
Interest Rates and Government Revenue
Jameel Ahmad clarified common misconceptions:
• Lower interest rates do not save government money.
• Reduced rates decrease SBP profits, which are transferred to the government.
• PKR 2.4 trillion was contributed to the government last year.
Remittances and Exports Outlook
• Remittances expected to exceed targets, potentially reaching $42 billion.
• Non-food exports increased by 5–6%.
• Food exports, especially rice, declined, but recovery is expected with government support.
Digital Finance & SME Progress
• Two million merchants targeted for digitization this year.
• Significant improvements in SME financing.
• Lower interest rates expected to boost home loans accessibility.
