The State Bank of Pakistan (SBP) on Tuesday said that it intended to launch new currency notes in the next two years.
“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.
However, the central bank clarified that the existing banknote series will remain in circulation even after the issuance of the new series.
“Any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner, once the new banknotes are issued and are in circulation in sufficient quantities,” it added.
The SBP also announced that it is organising an art competition to have “innovative and thematic design ideas” for new banknotes expected to be finalised by March this year.
The central bank said it has initiated the process of designing and issuing a new banknotes series of all existing denominations.
“It is an established practice of central banks to introduce new banknote series after every fifteen to twenty years to secure the integrity of banknotes and align them with the latest technological developments in the banknotes design and security features,” the statement added.
The central bank said the local artists, designers and art students can send their designs to SBP by March 11, 2024.
The top three designs for each of the existing seven denominations will be recognised and awarded cash prizes.
The complete information about the Art Competition can be accessed below:
The SBP said design ideas and themes finalised after the art competition will be shared with the reputed professional banknote designers to be selected through a competitive process for developing the final printable designs for each denomination.
The final designs will be submitted to the federal government for approval and the process of issuance of the new banknote series involves a number of steps and stages and thus requires meticulous planning and coordination amongst multiple stakeholders, as per the SBP statement.