While it usually takes two to three years to launch a new banknote series, the State Bank of Pakistan (SBP) recently disclosed that it intends to expedite the process and finish it within the next 24 months. The new series of currency notes will incorporate international security features, and will be introduced within the next two years.
Crucially, the central bank made it clear that the current series of banknotes will not be phased out; any decision to remove the current series will be made gradually and gradually, starting after the new banknotes have been widely accepted and distributed.
The SBP announced an art competition to bring creativity and innovation to the designs of the new banknotes. The competition aims to collect “innovative and thematic design ideas” for all existing denominations, and cash prizes will be given to the top three designs for each denomination. Local artists, designers, and art students are invited to submit their design ideas by March 11, 2024.
Underscoring the importance of this action, the SBP clarified that central banks normally launch new series of banknotes every 15 to 20 years. The purpose of this practice is to improve the security and integrity of banknotes by keeping them up to date with technological advancements in security features and design. In this instance, the central bank hopes to secure and modernize the currency by starting the process of creating a new series for every denomination that is currently in circulation.
The statement goes on to describe the painstaking preparation and organization needed to introduce a new series of banknotes. Selected designs from the art competition will be given to reputable professional banknote designers who will be chosen through a competitive process, and they will work on creating the final printable designs for each denomination.