SBP considering abolishing Rs10 currency note, says official

• Existing currency series began printing in 2005: SBP
• Official says cabinet made major design changes.
• New notes to enter market after changes finalised: SBP
  

State Bank of Pakistan (SBP) Deputy Governor Dr Inayat Hussain on Friday told the Senate body that the central bank is considering discontinuing the Rs10 currency note due to its “rising production cost”.

Briefing the Senate Standing Committee on Finance committee on the proposed new currency notes, Dr Hussain said the SBP had twice previously attempted to discontinue the Rs10 currency note.

He said the denomination would be abolished when the new currency notes are introduced.

The deputy governor said the existing currency series had been in circulation since printing began in 2005. He added that new notes with enhanced security features were being planned, with the matter having been discussed twice by the federal cabinet.

The SBP officials said the cabinet had formed a committee that introduced some changes to the currency designs. The committee chairman, Senator Saleem Mandviwalla, said that the same consultant hired for the project was asked to prepare the designs.

Mandviwalla questioned the process, saying a contract had been awarded to the consultant’s company to design the notes without a bidding process. An SBP executive director said the company associated with the consultant would carry out all the work.

Mandviwalla stressed that although the SBP was an autonomous institution, it was still required to follow rules and procedures.

Dr Hussain said a subcommittee of the federal cabinet was currently reviewing the new currency notes and that the cabinet had made major changes to their designs. He added that the new notes could enter the market only after those changes were finalised.

He said that the SBP had sent the proposed currency designs to the Ministry of Finance a year ago.

The federal government had decided to introduce new currency notes featuring enhanced security features and improved security threads earlier this year.

In January 2026, the federal cabinet members were informed that new banknotes in denominations of Rs100, Rs500, Rs1,000 and Rs5,000 will be issued.

SBP Deputy Governor Saleemullah had told Geo News that the new currency notes are expected to be issued between November and December 2026.