In the next two years, the State Bank of Pakistan (SBP) plans to introduce new banknotes, the bank announced on Tuesday.
One day after announcing the debut of new currency notes with international security features, the SBP released a statement saying, “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 central bank did clarify, though, that even after the new series of banknotes is issued, the current series will continue to be in circulation.
It further stated, “Once the new banknotes are issued and in sufficient circulation, any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner.”
Additionally, the SBP revealed that it will be holding an art competition to provide “innovative and thematic design ideas” for new banknotes, with a deadline of March of this year for finalization.
The process of creating and releasing a new series of banknotes in all current denominations has reportedly been started, according to the central bank.
“Central banks have a long-standing policy of launching new banknote series every fifteen to twenty years in order to maintain the security of banknotes and keep them up to date with technological advancements in security features and design,” the statement continued.
By March 11, 2024, local designers, artists, and art students can submit their designs to SBP, according to the central bank.
There will be cash awards given to the top three designs in each of the current seven denominations.
Below is access to all of the information regarding the Art Competition:
