The Security Papers Limited (SPL) has awarded a paper machine upgrade project worth Rs3.4 billion to a German firm Giesecke+Devrient (G+D) ahead the roll-out of Pakistan’s new design banknotes.
“The estimated cost of the project is Rs3.4 billion, which includes an international tender worth Euro 8.297 million awarded to Giesecke+Devrient (G+D), Germany?” SPL said in a press statement.
“The upgrade is expected to be completed within 18 months.”
The project is aimed at enhancing SPL’s production capabilities – to meet the latest international trends and incorporate advanced security features for banknote paper to accommodate the evolving requirements of the State Bank of Pakistan (SBP) that has announced the launch of a new banknote series.
Imran Qureshi, CEO of SPL, said in the statement that the upgrade was vital to fulfilling the SBP’s requirements for the new banknote series.
“By strengthening our manufacturing capabilities, we will not only ensure that Pakistan’s currency remains secure and resistant to counterfeiting but also establish SPL as a leader in the global currency security paper market, capable of meeting the highest international standards.”
Commenting on the development; Claudio Sgarlata, Managing Director Middle East and Africa, for the Currency Management Solutions business of global security tech company Giesecke+Devrient (G+D) said, “I assure that with G+D´s long-standing expertise and modern technology in the banknote industry, we are confident that SPL will be fully equipped to produce banknote paper in line with future requirements as well as meet the international standards followed in this field”.
In September 2024, SBP announced winners of a competition for the designs of the new banknote series. The central bank had initiated the process for designing and issuing of new banknotes series of all existing denominations in January, 2024. It announced an art competition in March 2024 to have innovative and thematic design ideas for the series of new currency notes.
Earlier this year, SBP Governor Jameel Ahmad said the central bank would issue the first new currency note in the second half of 2025, replacing all the existing notes one by one.
Jameel Ahmad made it clear that new-designed currency notes would not be in circulation before the start of the new fiscal year (July 2025 – June 2026).