State Bank of Pakistan GOvernor Jameel Ahmed on Monday said designs for Pakistan’s new currency notes have been finalized, and will be introduced into circulation starting in 2025.
In a press conference after the announcement of new policy rate, the Governor of central bank confirmed that release of the new currency notes would be done in phases, with updated designs across all denominations.
Governor Jameel Ahmed said the new currency notes would be presented to the federal cabinet for approval after the completion of the technical evaluation process. He however did not reveal the pattern of launching as most details remained under wraps.
The central bank chief said it is common practice for SBP to introduce new banknote series every 2 decades to maintain integrity of notes and ensure that they reflect the latest advancements in technology, design, and security features.
Last year, State Bank rolled out potential designs for the new currency notes, which were selected through a public art competition.
The competition received numerous submissions, and the winners were recognized for their creative contributions. Among winners were Dr. Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam, who won first place. Second place was awarded to Mirza Sufiyan, Aynee Zahra, and Karim Muhammad.
