On Monday, the Governor of the State Bank of Pakistan revealed that the new designs for Pakistan’s currency notes had been finalized and would be introduced into circulation during the current fiscal year.
However, the design of the new Pakistani currency notes remains an enigma, as the State Bank had denied rumors related to new currency notes being finalized during the past year.
(Image: ARY / Rs10 denomination 1st prize won by Shery Abidi)
According to a report by national media in September 2024, the State Bank clarified that the banknote designs that won the recent art competition were not the shortlisted designs for the new series.
(Image: ARY / Rs 20 denomination 1st prize won by Haroon Khan)
“The actual designs of the proposed new series are being designed by reputed international firms selected through a competitive process,” the SBP said in a statement as reported in the past year.
(Image: ARY / Rs 50 denomination 1st prize won by Syed Fawad Hussain)
When to expect new designs?
The central bank informed that the firms would submit their design proposals by December 2024, and the finalized designs, duly approved by the SBP Board, would be submitted to the Federal Government for approval by January 2025.
In a press conference after the announcement of the new policy rate on Monday, the Governor of the central bank confirmed that the 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 undisclosed.
