AIRLINK 75.29 Increased By ▲ 1.59 (2.16%)
BOP 4.89 Decreased By ▼ -0.01 (-0.2%)
CNERGY 4.42 Decreased By ▼ -0.10 (-2.21%)
DFML 43.25 Decreased By ▼ -1.63 (-3.63%)
DGKC 84.60 Decreased By ▼ -0.90 (-1.05%)
FCCL 21.23 Decreased By ▼ -0.17 (-0.79%)
FFBL 32.39 Decreased By ▼ -0.12 (-0.37%)
FFL 9.54 Decreased By ▼ -0.05 (-0.52%)
GGL 10.13 Decreased By ▼ -0.14 (-1.36%)
HASCOL 6.94 Decreased By ▼ -0.19 (-2.66%)
HBL 114.67 Decreased By ▼ -0.03 (-0.03%)
HUBC 139.45 Increased By ▲ 0.35 (0.25%)
HUMNL 12.10 Decreased By ▼ -0.32 (-2.58%)
KEL 4.95 Decreased By ▼ -0.08 (-1.59%)
KOSM 4.40 Decreased By ▼ -0.05 (-1.12%)
MLCF 37.23 Decreased By ▼ -0.37 (-0.98%)
OGDC 134.39 Decreased By ▼ -2.41 (-1.76%)
PAEL 25.30 Decreased By ▼ -0.09 (-0.35%)
PIBTL 6.61 Decreased By ▼ -0.08 (-1.2%)
PPL 119.20 Decreased By ▼ -1.80 (-1.49%)
PRL 26.34 Decreased By ▼ -0.25 (-0.94%)
PTC 13.79 Decreased By ▼ -0.31 (-2.2%)
SEARL 57.00 Decreased By ▼ -0.30 (-0.52%)
SNGP 66.92 Decreased By ▼ -1.08 (-1.59%)
SSGC 10.33 Decreased By ▼ -0.09 (-0.86%)
TELE 8.33 Decreased By ▼ -0.12 (-1.42%)
TPLP 10.87 Decreased By ▼ -0.11 (-1%)
TRG 62.75 Decreased By ▼ -0.59 (-0.93%)
UNITY 26.97 Decreased By ▼ -0.08 (-0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,907 Decreased By -33.3 (-0.42%)
BR30 25,392 Decreased By -256 (-1%)
KSE100 75,325 Decreased By -192.3 (-0.25%)
KSE30 24,187 Decreased By -91.2 (-0.38%)

The State Bank of Pakistan (SBP) has initiated the process for designing and issuing of new banknotes series of all existing denominations.

The SBP, in a statement released on Tuesday, said the process of issuance of new banknote series involves several steps and stages and thus, requires meticulous planning and coordination amongst multiple stakeholders.

“Generally, it takes 2-3 years to launch a new banknote series, however, the SBP intends to complete the process within the next two years,” read the statement.

The central bank shared that as part of the initial process of designing the new banknote series, the SBP is organizing an art competition for the new banknote series.

SBP to issue new notes

SBP said the design ideas and themes finalised after the art competition will be shared with the reputed professional banknote designers to be selected through a competitive process for developing the final printable designs for each denomination.

The final designs will be submitted to the federal government for approval.

SBP said that the current banknote series will remain in circulation even after the issuance of new series.

“Any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner, once the new banknotes are issued and are in circulation in sufficient quantities,” it said.

The central bank shared that it is an established practice of central banks to introduce new banknote series after every 15-20 years to secure the integrity of banknotes and align them with the latest technological developments in the banknotes design and security features.

Comments

200 characters
Javeria Feb 12, 2024 11:04pm
I wanna take part in competition.
thumb_up Recommended (0) reply Reply
Javeria Feb 12, 2024 11:04pm
I wanna be a part of this bankrupt note competition.
thumb_up Recommended (0) reply Reply