SBP initiates process for issuance of new currency notes
SBP initiates process for issuance of new currency notes
SBP Initiates Process for Issuance of New Currency Notes
The State Bank of Pakistan (SBP) has commenced the process for designing and issuing a new series of banknotes across all existing denominations.
According to a statement released on Tuesday,
the SBP highlighted that the issuance of a new banknote series involves a meticulous and multi-stage process, necessitating careful planning and coordination among various stakeholders.
“Typically,
the launch of a new banknote series takes 2-3 years. However, the SBP aims to complete this process within the next two years,” the statement read. As part of the initial phase in designing the new banknotes, the SBP has launched an art competition. This competition aims to gather design ideas and themes, which will then be reviewed and finalized for each denomination by reputed professional banknote designers selected through a competitive process.
The final designs will subsequently be submitted to the federal government for approval.
The SBP clarified that while the new banknote series is in development,
the current series will continue to circulate. Any decision regarding the withdrawal of the existing series will be implemented gradually and in phases, ensuring a smooth transition once the new banknotes are sufficiently distributed and in use.
It is a standard practice among central banks,
including the SBP, to introduce new banknote series every 15-20 years. This approach helps to uphold the integrity of banknotes and integrate the latest technological advancements in banknote design and security features.
The SBP reassured the public that the forthcoming banknotes will maintain the highest standards of security and quality, reflecting advancements in technology and design while ensuring a secure and reliable currency system for Pakistan.
