The State Bank of Pakistan (SBP) has announced a two-year timeframe for the introduction of new currency notes, aligning with international security standards.
“Generally, it takes 2 to 3 years to launch a new banknote series, however, the SBP intends to complete the process within the next 2 years,” the SBP said in a statement a day after it announced launching new currency notes in line with international security features.
The central bank emphasized that the existing currency notes will continue to circulate alongside the new series. The SBP also disclosed plans for an art competition to gather innovative design ideas for the new banknotes, with the winning designs set to be finalized by March.
The competition invites local artists, designers, and art students to submit their entries by March 11, 2024. The final designs, selected through a competitive process, will undergo approval by the federal government before the issuance of the new banknote series.
The SBP highlighted the necessity of periodic updates to enhance the security and design integrity of banknotes, aligning them with the latest technological advancements. The entire process involves multiple stages, requiring careful planning and coordination among various stakeholders.
