In a significant move towards modernizing its currency, the State Bank of Pakistan (SBP) has announced the introduction of new currency notes with updated designs. This initiative is set to commence in the second half of 2025, marking a pivotal step in enhancing the security and aesthetic appeal of Pakistan’s monetary system.
Background and Announcement
The announcement was made by SBP Governor Jameel Ahmed during a press conference following the declaration of the new policy rate. The Governor confirmed that the new currency notes would be rolled out gradually, covering all current denominations. This phased approach ensures a smooth transition and minimizes any potential disruptions in the economy1.
Design and Security Features
The new currency notes will feature updated designs that incorporate the latest advancements in banknote technology and security features. This is a standard practice among central banks worldwide to maintain the integrity of the currency and prevent counterfeiting. The SBP has emphasized that these new designs will reflect Pakistan’s rich cultural heritage while incorporating modern elements to align with international standards2.
Public Involvement and Art Competition
One of the unique aspects of this initiative is the involvement of the public in the design process. Last year, the SBP organized an art competition inviting citizens to submit their designs for the new currency notes. The response was overwhelming, with numerous submissions showcasing the creativity and talent of Pakistani artists. The winning designs were selected by a panel of experts from various fields, ensuring a diverse and representative selection3.
The winners of the competition include Dr. Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam, who secured the first prize. Mirza Sufiyan, Aynee Zahra, and Karim Muhammad won the second prize. These designs are now being shared with international designers who will collaborate with the SBP to finalize the new currency notes3.
Technical Evaluation and Approval
Before the new currency notes can be introduced into circulation, they must undergo a rigorous technical evaluation process. This involves testing the durability, security features, and overall functionality of the notes. Once this process is completed, the designs will be presented to the federal cabinet for approval. This step is crucial to ensure that the new notes meet all necessary standards and requirements2.
Impact on the Economy
The introduction of new currency notes is expected to have several positive impacts on the economy. Firstly, the enhanced security features will help combat counterfeiting, thereby protecting the value of the currency. Secondly, the updated designs will boost public confidence in the monetary system. Lastly, this initiative aligns with Pakistan’s broader efforts to modernize its financial infrastructure and promote economic stability1.
Conclusion
The rollout of new currency notes with updated designs is a significant milestone for Pakistan. It reflects the country’s commitment to maintaining the integrity of its currency while embracing modern advancements in banknote technology. As the SBP moves forward with this initiative, it is expected to bring about positive changes in the economy and enhance the overall monetary system.
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