The State Bank of Pakistan (SBP) has declared that the freshly designed currency notes would go into circulation in 2025, ARY News reported on Monday.
After announcing the new policy rate, SBP Governor Jameel Ahmed stated in a news conference that new currency notes in all existing denominations will be issued in stages rather than all at once, with updated designs.
He stated that the new currency notes would be handed to the federal cabinet for approval after the technical review was completed.
According to an SBP statement, it is a standard procedure for central banks to launch new banknote series every fifteen to twenty years to ensure the integrity of banknotes and match them with the most recent technological improvements in banknote design and security features.
Last year, the State Bank of Pakistan (SBP) released prospective designs for new currency notes in all denominations.
The prospective designs were selected from a pool of designs submitted by residents in an art competition organized by the SBP.
Dr. Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam won first place in the competition. Similarly, Mirza Sufiyan, Aynee Zahra, and Karim Muhammad were named winners of the second award.
According to the SBP, the designs were picked following a thorough review procedure undertaken by a committee of recognized specialists in relevant sectors.
The SBP stated that the shortlisted designs for new currency notes are suggestive in nature and are being shared with foreign designers charged with collaborating with the central bank.