Pakistan approves replacing PKR 10 banknote with coin
The federal cabinet has also approved designs for a new series of currency notes featuring enhanced security measures and more durable materials.
Pakistan's federal cabinet has approved replacing the PKR 10 banknote with a coin of the same denomination, following a proposal from the Ministry of Finance.
The decision was taken during a cabinet meeting that also approved designs for a new series of currency notes, according to a statement from the Prime Minister's Office.
The cabinet received a detailed briefing on the proposed designs, which were developed after inviting suggestions from artists and designers across the country.
وزیرِ اعظم محمد شہباز شریف کی زیرِ صدارت وفاقی کابینہ کا اجلاس آج اسلام آباد میں منعقد ہوا.
وفاقی کابینہ نے خیبرپختونخوا میں انتظامی امور کی سہل انجام دہی اور گورننس کی مزید بہتری کیلئے وزیر اعلی کو تفویض شدہ اختیارات کی صوبے میں ایمرجنسی کی مدت کے دوران روزمرہ کے امور کی انجام… pic.twitter.com/cMBpEs9Bc8
— Prime Minister's Office (@PakPMO) November 4, 2026
A committee constituted by the prime minister also held consultations with relevant stakeholders before presenting the designs for approval.
The new banknotes will feature enhanced security measures to prevent counterfeiting, while modern materials will be used to improve their durability and lifespan.
Why Pakistan is replacing the PKR 10 note
The decision follows earlier discussions at the State Bank of Pakistan (SBP) about replacing the PKR 10 banknote because of its rising production costs.
SBP Deputy Governor Dr Inayat Hussain had previously informed the Senate Standing Committee on Finance that the central bank was considering discontinuing the denomination.
He had also disclosed that the SBP had made two previous attempts to discontinue the PKR 10 banknote.
In September, the central bank dismissed social media reports claiming that the PKR 10 note was being discontinued and that a deadline had been announced for exchanging existing notes.
The SBP clarified at the time that a proposal for a new banknote series was under consideration by the federal cabinet and that no decision had been taken regarding the replacement or discontinuation of any denomination.
The central bank also said any decision to withdraw banknotes would be formally communicated to the public, with sufficient time provided for exchanging discontinued currency.
The latest cabinet approval does not specify when the PKR 10 banknote will be replaced by a coin or when existing notes will cease to be legal tender.
