Security Papers Limited (SPL) has awarded a major paper machine upgrade project worth Rs3.4 billion to German firm Giesecke+Devrient (G+D) in preparation for the rollout of Pakistan’s new-design banknotes. The project, aimed at enhancing SPL’s production capabilities, aligns with the State Bank of Pakistan’s (SBP) plans to introduce a new banknote series with advanced security features.
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In a statement, SPL confirmed that the estimated cost of the project includes an international tender worth €8.297 million awarded to G+D. The upgrade is expected to be completed within 18 months, ensuring that SPL can meet evolving security and production standards for currency printing.
Imran Qureshi, CEO of SPL, highlighted the importance of this investment in strengthening Pakistan’s currency security. He emphasized that the modernization of SPL’s manufacturing process will not only help prevent counterfeiting but also position the company as a global leader in banknote security paper production.
G+D, a world-renowned provider of security technology for banknotes, expressed confidence in the partnership. Claudio Sgarlata, Managing Director for the Middle East and Africa at G+D, assured that with their advanced technology and expertise, SPL would be fully equipped to produce high-quality banknote paper that meets international standards.
The upgrade comes as SBP moves forward with its plan to introduce a redesigned series of banknotes. In September 2024, the central bank announced the winners of a nationwide design competition, which was launched in March 2024 to gather innovative and thematic ideas for the new currency notes. The process to issue a fresh banknote series began in January 2024, signaling a significant step toward modernizing Pakistan’s currency.
Earlier this year, SBP Governor Jameel Ahmad confirmed that the first new currency note would be issued in the second half of 2025, with existing notes being gradually replaced. However, he clarified that the redesigned banknotes would not be in circulation before the start of the new fiscal year (July 2025 – June 2026).
With the SPL-G+D partnership, Pakistan is set to introduce currency notes with enhanced security features, ensuring greater protection against counterfeiting while meeting global standards. The modernization effort underscores the country’s commitment to maintaining a secure and technologically advanced financial system.
