According to a report by online news source the Pakistan Tribe, Pakistan’s currency in circulation increased from Rs 1,224 billion to Rs 2,500 billion between 2009 and 2014, an increase of 104%.
The State Bank of Pakistan’s (SBP) Deputy Governor of Operations, Mr Kazi Abdul Maktadir, discussed Pakistan’s rising currency in circulation during the Conference on Currency Management: Strategies for the Future organized by the SBP in Lahore on February 3, 2015.
He mentioned that between 2009 and 2014, 1.9 billion pieces of currency [banknotes] on average were printed each year.
The SBP is said to be procuring “state of the state-of-the-art cash handling machines for sorting, bundling, and shredding”.
“With one-stop solution machines that will be capable of sorting, detecting counterfeit [notes], shredding, preparing packets and bundles, SBP aims to bring efficiency in the area of banknote processing through latest technology.”
Acting Governor of the State Bank of Pakistan, Saeed Ahmad, advised that the SBP will be transforming their cash processing operations from “manual to automation” during the next five years.
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