State bank of Pakistan dismisses reports of polymer banknotes.

The State Bank of Pakistan (SBP) has categorically refuted reports circulating regarding the issuance of polymer (plastic) notes, labeling them as baseless and lacking substance.

In a statement, the central bank clarified that there are no plans or considerations currently underway to transition from paper to polymer substrate for banknotes.

The SBP emphasized its utilization of cotton-based paper substrate, locally produced by Security Papers Limited, with the primary use of local raw materials.

This response comes in the wake of recent claims by various news outlets suggesting that the SBP was contemplating the introduction of plastic banknotes as a measure to combat counterfeit currency within the country.