KARACHI: State Bank of Pakistan (SBP) Governor Tariq Bajwa said on Thursday modern printing machinery will be used to enhance the printing capacity and improve the quality of banknotes.
This was the first visit of the SBP governor to Pakistan Security Printing Corporation (PSPC) after its acquisition by the central bank a couple of months back.
Mr Bajwa said PSPC will have to join hands with SBP-Banking Services Corporation (BSC) and the central bank’s finance department to strength the research and development function.
“We will have to assess the system and upgrade it,” he said.
The SBP acquired the banknote- and prize bond-printing functions of PSPC from the federal government in June.
The governor said the SBP gives utmost importance to the integrity and quality of banknotes along with its timely supply in the system. In order to have full control over the process of banknote manufacturing and issuance, the SBP deemed it necessary to acquire the printing function of PSPC.
The governor added that PSPC will have additional responsibilities in coming years given the increasing need for currency notes due to an expanding economy and the launch of new saving schemes.