Karachi – Acting Governor State Bank of Pakistan Saeed Ahmad has said that the SBP sees total transformation of cash processing business from manual to automation in next five years and thus would like to see commercial banks aligning their plans with State Bank in this direction.
“Without the joint action the desired results to improve the quality of currency notes in circulation will not be achieved,” he said. He was addressing participants of Conference on Currency Management: Strategies for the Future, organised by State Bank of Pakistan at a local hotel in Lahore Tuesday.
The conference was also attended by the leading international experts from Switzerland, Malaysia, and Sri Lanka besides renowned local experts. The conference covered important topics like Banknote Printing in Pakistan, Currency Management Challenges, Global Trends and Developments in Security Ink and Ink-Based Security Features, Evolution of Banknote Security Features in Pakistan, Global Trends and Developments in Security, Paper/ Paper-based Security Features of Banknotes and Pakistan’s Experience, Challenges Related to Automation of Cash Operations and Automation of Banknote Processing.
Saeed Ahmad said that banknotes are face of a central bank and ensuring circulation of clean notes, removal of soiled and counterfeit notes, and redistribution of fit notes in the system is amongst key responsibilities of the SBP.
He further added that all necessary steps are being taken to this effect. Ahmed hoped that the deliberations and recommendations coming out from this conference would enable State Bank to align its currency management policies and strategies with international best practices.