The State Bank of Pakistan (SBP) has announced its intention to launch new currency notes within the next two years. This decision comes in line with international security features, and the SBP aims to complete the process in a shorter timeframe than the usual 2 to 3 years.
It is important to note that the existing banknote series will continue to remain in circulation even after the new series is issued. Any decision regarding the withdrawal of the existing series will be made gradually and in a phased manner, once the new banknotes are sufficiently circulated.
In addition to this, the SBP has initiated an art competition to gather innovative and thematic design ideas for the new banknotes, with the final designs expected to be finalized by March of this year. Local artists, designers, and art students have been invited to participate in this competition, with cash prizes to be awarded to the top three designs for each of the existing seven denominations.
The SBP has emphasized the importance of introducing new banknote series every fifteen to twenty years to ensure the integrity of banknotes and align them with the latest technological developments in design and security features.
Following the art competition, the selected designs and themes will be shared with professional banknote designers for the development of the final printable designs for each denomination. These final designs will then be submitted to the federal government for approval.
The process of issuing the new banknote series involves multiple steps and stages, requiring meticulous planning and coordination amongst various stakeholders, as per the SBP statement. This move by the central bank reflects its commitment to maintaining the security and integrity of the currency, while also embracing innovative and creative input from local artists and designers.