Pakistan’s State Bank Plans Introduction of Plastic Banknotes to Combat Counterfeiting

The current discussion about the upcoming loan tranche between Pakistan and the International Monetary Fund (IMF) is scheduled to continue today.

The Federal Bureau of Revenue (FBR) changes, tax collection, and immediate efforts taken to reduce tax collection for the current fiscal year are only a few of the topics on which the IMF officials will be briefed.

State Bank of Pakistan (SBP) representatives will also discuss their plan to deploy new plastic currency notes to fight counterfeit money. This strategy is already used by Switzerland and many Far Eastern countries.

Also Read: Pakistani Markets Flooded with Fake Rs5000 Notes

The steps made to improve government institution performance and the pace of privatization will also be reported to the IMF.

It’s important to note that the IMF mission met with Pakistani authorities yesterday, including Muhammad Aurangzeb, the Finance Minister, during their conversations with them.

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