SBP is set to launch new Banknote Series

Staff Report

The State Bank of Pakistan (SBP) has initiated the process of designing and issuing a new banknote series for all existing denominations.

It is an established practice for central banks to introduce new banknote series every fifteen to twenty years to ensure the integrity of banknotes.

The objective is to align them with the latest technological advancements in security features and design.

As part of the initial phase in designing the new banknote series, the SBP is organizing an Art Competition to gather innovative and thematic design ideas. SBP imposes over Rs465m Penalties on Banks

Local artists, designers, and art students can submit their designs to the SBP by March 11, 2024.

The state bank will recognize the top three designs for each of the existing seven denominations and will also grant cash prizes.

The design ideas and themes finalized after the Art Competition will be shared with reputed professional banknote designers, selected through a competitive process, to develop the final printable designs for each denomination.

The final designs will then be submitted to the Federal Government for approval. The process of issuing a new banknote series involves multiple steps and stages, requiring meticulous planning and coordination among various stakeholders.

Generally, it takes 2 to 3 years to launch a new banknote series; however, the SBP aims to complete the process within the next 2 years.

The existing banknote series will continue to be in circulation even after the issuance of the new series.

Any decision regarding the withdrawal of the existing series from circulation will be made gradually and in a phased manner, once the new banknotes are issued and in circulation in sufficient quantities.