“Anticipated Release Date of New Currency Notes Announced by State Bank of Pakistan”
The State Bank of Pakistan (SBP) has recently unveiled plans to introduce a fresh series of currency notes over the next couple of years, integrating cutting-edge international security features. Typically, launching a new banknote series spans 2 to 3 years, but the SBP aims to streamline this timeline to complete the transition within the upcoming 24 months.
Crucially, the central bank has emphasized that the current currency notes will remain in circulation even after introducing the new series. Any decision regarding the gradual withdrawal of the existing series will be methodical and phased, occurring once the distribution and acceptance of the new banknotes reach satisfactory levels.
To inject innovation and artistic flair into the new banknote designs, the SBP has announced an art competition. This initiative invites participation from local artists, designers, and art students to submit their design proposals by March 11, 2024. The competition aims to gather fresh and thematic design concepts for all existing denominations, with recognition and cash prizes for the top three designs in each denomination category.
Underlining the importance of this initiative, the SBP has explained that central banks typically renew banknote series every 15 to 20 years to enhance their integrity and align them with the latest technological advancements in design and security features. In this instance, the central bank seeks to modernize and fortify the currency by initiating the design and issuance process for a new series across all denominations.
The statement further details the comprehensive planning and coordination necessary for the issuance of a new banknote series. Following the art competition, chosen designs will be shared with esteemed professional banknote designers selected through a competitive process. These designers will then craft the final printable designs for each denomination.
The final stage entails submitting the approved designs to the federal government for authorization. The entire process, from conceptualization to approval and issuance, involves collaboration among multiple stakeholders and necessitates meticulous coordination. The SBP’s dedication to aligning its currency with international standards and embracing technological advancements underscores its commitment to safeguarding the integrity and security of the national currency.
The State Bank of Pakistan’s decision to introduce a new currency series exemplifies a proactive approach to currency management, merging artistic creativity with technological progress to ensure the security and integrity of the nation’s banknotes in the years ahead.
