State Bank of Pakistan (SBP) Deputy Governor Dr Inayat Hussain on Friday told a Senate body that the central bank is considering discontinuing the Rs10 currency note due to its rising production cost. The deputy governor said the existing currency series had been in circulation since printing began in 2005.
SBP officials said the cabinet had formed a committee that introduced some changes to the currency designs. Committee Chairman Senator Saleem Mandviwalla said that the consultant hired for the project was asked to prepare the designs.
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.
He added that the SBP had sent the proposed currency designs to the Ministry of Finance a year ago. SBP Deputy Governor Saleemullah had earlier informed federal cabinet members in January 2026 that new banknotes in denominations of Rs100, Rs500, Rs1,000 and Rs5,000 would be issued.