On Monday, Jameel Ahmed, the Governor of the State Bank of Pakistan (SBP), announced that the central bank has decided to completely change the current currency system by introducing new currency notes for all different values.
During a casual chat with reporters, the central bank governor explained that the reason for this action is to fight against people or groups engaging in illegal financial activities within the country.
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Governor Jameel Ahmed emphasized that these new notes would be printed on advanced material with top-notch International Security Features. This would boost the security of the legal money and reduce the circulation of fake currency notes.
The envisioned notes are anticipated to feature bright colors, unique serial numbers, intricate designs, and enhanced security measures.
The governor mentioned that State Bank of Pakistan (SBP) intends to arrange a competition in February (next month) for the design of the new currency notes.
The governor stated that the design framework for the new notes has already begun and is expected to be finished by March.
“However, we will not change the notes like India,” The State Bank of Pakistan (SBP) governor remarked on a decision that had caused shockwaves across India when it was demonetized in 2016.
Governor Jameel Ahmed assured everyone that the change would not happen suddenly like in India. The decision comes from increasing worries about fake money spreading everywhere in Pakistan. This shows that the central bank wants to keep Pakistan’s money system reliable.
Banknotes
The central bank has stated that local artists, designers, and art students can participate in an art competition. The themes of the competition may include social and cultural identities, diversity, climate change and environmental protection, economic development, natural landscapes, architectural heritage, and national symbols.
By March 11th, designs can be submitted. A jury of reputable artists will recommend six ideas for each currency denomination.
“Professional banknote designers” The jury will assess the designs and propose six designs for each currency denomination to the State Bank of Pakistan (SBP). The State Bank of Pakistan (SBP) will then select the top three designs.
The final designs will be presented to the federal government for approval. Prizes totaling Rs1 million, Rs500,000 and Rs300,000 will be given to the designers of the first, second, and third designs in each denomination, respectively.
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