According to the spokesperson of State Bank of Pakistan (SBP), the SBP has started to receive 10 rupee coin from Pakistan Mint from Monday. However, the federal government is expected to introduce the 10 rupee coin in a couple of weeks.
While talking to Express Tribune, the spokesperson of SBP stated:
“The SBP started receiving Rs10 coins from Pakistan Mint — the nation’s oldest mint located in Lahore’s Shalimar Town from Monday. However, we will announce a date on which the new coins will be available but it may take two weeks”
The new 10 rupee coins will start circulating in 2 weeks. The reason of the delay is that central bank will take at least 10-12 days to supply the coins to SBP’s 16 offices nationwide.
The Prime Minister of Pakistan Nawaz Sharif earlier gave a go-ahead to the introduction of 10 rupee coin. Moreover, he also revised 5 rupee coin during a cabinet meeting in Islamabad in the month of August.
Several key topics were discussed during the cabinet meeting including decisions on significant development programs, introduction of 10 rupee coin, revision of 5 rupee coin, Tax Law Amendment Ordinance 2016 and determination of sales tax on petroleum products.
About Pakistan Mint
Pakistan Mint is a coin press which is located in Shalimar Town, Lahore. It is the oldest mint located in Pakistan which is governed by the SBP. Founded in 1942, currency denominations of 1, 2, and 5 rupee coins are currently minted there.
In 2010, the government of Pakistan developed strategies to streamline and upgrade the mint. Plans include replacing obsolete machinery to increase productivity, quality and output-effectiveness.
The introduction of 10 rupee coin will is likely to devalue the currency of Pakistani rupee. Rumors are in the air that work is in progress regarding the introduction of 10,000 rupee currency note.
Don’t you think these steps will devalue the currency of Pakistani rupee?