ISLAMABAD: Saleem Ullah, Deputy Governor of the State Bank of Pakistan, announced on Thursday that new banknotes with improved security features will be introduced within the next two years. The SBP has also announced an art competition to engage local artists, designers, and art students in shaping the visual identity of the upcoming currency.
In an exclusive interview with a private news channel, he stated that this imaginative move is part of SBP’s commitment to redesigning the existing banknote series and addressing concerns about counterfeit cash circulation in the country.
He stated that it was a “established practice” to release new banknotes every 15 to 20 years for security reasons, and that after 2005, Pakistan will soon provide simple and technology-based standard currency notes to help the public.
He stated that local artists, designers, and art students will be eligible to compete in the art competition.
He added that the subjects for the designs might include social and cultural identities, diversity, climate change and environmental preservation, economic development, natural landscapes, architectural history, and national emblems.
The designs may be submitted by March 11, following which a committee of “reputed artists” will select six designs for each denomination, he added.
The new banknotes are scheduled to be issued “within the next two years,” he stated.
In response to a query, he stated that the State Bank ensures an appropriate supply of high-quality banknotes throughout the country, and that we have conducted numerous awareness campaigns to educate the people on how to recognize original banknotes. He also called the introduction of currency notes with enhanced security features as a “positive development”.
