Finance Ministry of Pakistan proposes introduction of 10-rupee coins

Islamabad – (Web Desk) – A high-level committee headed by Muhammad Aurangzeb has submitted a currency management report to the federal cabinet, recommending the introduction of 10-rupee coins to reduce long-term costs.

The report, prepared by the State Bank of Pakistan and the Security Printing Corporation, points out major challenges with the current paper-based system.

It also cites findings from the Institute of Cost and Management Accountants of Pakistan, which show that a 10-rupee note lasts only 6 to 9 months, while a coin of the same value can remain in use for 20 to 30 years, making coins a more practical and economical option.

The report also revealed that approximately 35% of all currency notes printed annually in the country are 10-rupee notes, making them a significant portion of Pakistan’s total currency production.

The report suggested that introducing the 10-rupee coin would lead to savings of up to 40 to 50 billion rupees over 10 years. This contrasts with the high costs associated with printing, replacing, and managing paper currency. The report estimates that the total expenditure on 10-rupee notes, including printing and administrative costs, stands at around 8 to 10 billion rupees annually.

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While the initial cost of producing coins may be higher, the report argued that coins would eliminate the need for frequent re-production, thus offering long-term savings.