Within the next two years, the State Bank of Pakistan (SBP) intends to launch a new series of currency notes with features related to international security. A new banknote series normally takes two to three years to debut, but the SBP wants to speed up the process and finish it in the next 24 months.
Crucially, the central bank underlined that even after the new series is introduced, the current currency notes will still be in circulation. After the new banknotes are widely used and accepted, a decision about the slow and phased withdrawal of the present series will be made.
In order to introduce originality and inventiveness into the designs of the new banknotes, the SBP held an art competition. By March 11, 2024, local designers, artists, and art students are invited to submit their design concepts as part of this effort. “Innovative and thematic design ideas” are what the competition aims to collect for all of the current denominations. There will be cash rewards given to the top three designs for each denomination.
The SBP emphasized the importance of this action by stating that new currency series are normally introduced by central banks every 15 to 20 years. By bringing banknotes into line with the most recent technological advancements in security and design, this approach seeks to improve their integrity. In this instance, the central bank plans to start the process of creating and releasing a new series for every denomination that currently exists in order to modernize and secure the currency.
The message goes on to detail the painstaking preparation and organization needed before a new series of banknotes is released. Selected designs from the art competition will be shared with reputable, experienced banknote designers who were picked following a competitive process. The final printable designs for every denomination will subsequently be created by these designers.
Sending the completed drawings to the federal government for approval is the last step. There are numerous parties involved during the entire process, which necessitates meticulous coordination, from design development to approval and issuance. The State Bank of Pakistan (SBP) has demonstrated its commitment to preserving the integrity and security of the national currency by embracing technological innovations and aligning its currency with international norms.
The State Bank of Pakistan’s move to launch a new currency series is indicative of a proactive strategy to managing the country’s currency, fusing technological innovation with creative ingenuity to guarantee the security and integrity of the country’s banknotes for years to come.
I am a dedicated student currently in my seventh semester, pursuing a degree in International Relations. Alongside my academic pursuits, I am actively engaged in the professional field as a content writer at the Rangeinn website.