Pakistan Unveils New Currency Notes for Public Circulation

The State Bank of Pakistan (SBP) declared that newly created banknotes would go into circulation this year. SBP Governor Jameel Ahmed revealed at a news conference after the new policy rate was announced that the new notes which will have revised designs will be introduced progressively rather than all at once in all current denominations.

He added that after the technical review is over, the new currency notes would be sent to the federal cabinet for approval. The declaration represents a significant step towards modernising the nation’s currency even if the governor did not specify which denomination would be distributed first.

Central banks typically launch new banknote series every 15 to 20 years in order to preserve the integrity of the currency and integrate the most recent developments in banknote design and security features. 

The SBP revealed possible designs for the new currency notes in all denominations last year. These designs were selected from a wide range of citizen submissions produced as part of an SBP-sponsored art competition. 

The SBP underlined that a team of specialists from a variety of sectors carefully assessed the designs. International designers have been given access to the shortlisted designs and will work with the SBP to finalise the new currency notes.