Express Tribune Editorials 29th August 2026

Farewell to the Rs10 note

The SBP's plan to phase out the Rs10 banknote and replace it with a coin became inevitable several years ago, when the Rs10 coin first entered circulation. However, the coin's failure to receive widespread public acceptance meant that the currency note has remained in parallel circulation for several years, despite the relatively high cost of production and replacement required to keep the note available in the market.

A Rs10 note costs more than that amount to produce. Meanwhile, top SBP officials have said that new Rs1,000 and Rs5,000 notes cost about Rs14 to produce, which is a much better cost-to-value ratio. Meanwhile, coins are usually priced to have higher face value than their component metals, and can last for several decades, even under rough-use conditions, while most currency notes get worn out in a year or two. Also notable is that Rs10 notes currently account for about 35% of all currency notes printed annually, according to a recent report. That comes to between Rs8 billion and Rs10 billion every year in replacement costs. These are not trivial sums in a country grappling with fiscal constraints. The SBP must ensure that this transition does not become a stealth tax on the poor, for whom the small face value still has great significance. Though the bank has said any transition would be gradual, rather than an overnight move, it is critical that the Rs10 coin be made widely available so that it can organically replace the currency note.

Beyond the coin, this moment should be seized to accelerate Pakistan's transition to electronic payments, which are more efficient, more transparent, and less costly to administer than any physical currency. If the disappearance of the Rs10 note nudges even a fraction of cash-dependent users toward mobile wallets or bank transfers, the policy will have delivered a secondary benefit.

Criminal negligence

Fourteen newborns died in a fire at a government hospital and the state responded with suspensions, condolences and promises of the "strictest action". The real test, however, was whether the government would uncover what went wrong and confront the failures that made such a tragedy possible.

The preliminary findings now make that question impossible to avoid. The inquiry committee has reportedly found negligence, including locked doors, inadequate firefighting arrangements and insufficient emergency training. More than 30 PIMS employees have been questioned as the investigation examines who was present and what happened in the crucial moments after the fire broke out. These findings are damning because they concern basic emergency preparedness. A fire may be accidental. Locked exits, inadequate equipment and untrained staff are not. They are failures of administration and oversight. The CDA's assessment has raised further concerns, reportedly finding inadequate fire and life-safety arrangements and questioning whether escape routes were accessible. It has also raised questions over the response time and alleged that hospital security personnel hindered firefighters' initial response. PIMS has disputed aspects of this account, saying its emergency exits were open and staff immediately attempted to rescue the babies.

These conflicting accounts reinforce the need for an investigation that is genuinely independent. Accountability cannot mean allowing institutions to investigate themselves and then accepting whichever version is most convenient. This should end any pretence that PIMS was an isolated failure. The government must now order an independent fire-safety audit of every major public hospital in key urban areas. Alarms, extinguishers, electrical systems and emergency exits must be physically tested, while staff should undergo mandatory training and regular drills. Fourteen babies have already paid the ultimate price for institutional failure. The government must ensure that their deaths do not become another tragedy followed by hollow promises.

Harnessing peace

Abbas Araghchi has rekindled hopes for dialogue by stating that "putting diplomacy back on track is not impossible." The Iranian foreign minister's statement comes against the backdrop of a tense environment, as the Strait of Hormuz remains virtually unnavigable amid ongoing conflict with Washington. Mixed signals have also been emanating from Tehran; the IRGC recently upped the ante by declaring that the Islamic Republic's future war strategy will be offensive in essence.

While Araghchi expressed confidence in his "creative discussions" with the Qatari PM, he did emphasise that progress heavily relies on the US recognising that "pressure does not work". This underscores an urgent need for peace brokers to step up efforts for de-escalation. This glimmer of hope follows a strategic, high-stakes visit to Tehran by Field Marshal Asim Munir. During his trip, the Field Marshal met with Iranian president and the interior minister, effectively smoothing over diplomatic friction to pave the way for breakthrough talks.

Widespread geopolitical uncertainty is proving highly detrimental not only to regional peace prospects but also to the global economy. The tug-of-war over the strategic Strait of Hormuz has become a primary flashpoint, as Iran's parliament advances legislation to impose unilateral tolls on maritime transit. Simultaneously, President Trump remains intent on strangling Tehran's economy through crippling secondary sanctions. If this tit-for-tat economic warfare continues, it will inevitably breed deeper unrest and completely derail the trust that international mediators are working to build.

Tehran's singular demand remains that the US "build trust, speak respectfully, acknowledge rights, and uphold commitments". Achieving this requires sustained, direct communication between the two adversaries. Implementing Qatar's proposal for a temporary joint navigational corridor through the Strait of Hormuz - coupled with coordinated mine-clearing operations - could serve as a critical CBM. Ultimately, both the US and Iran must retreat from the brink to pave the way for collective regional stability.