ISLAMABAD
Deputy Governor at State Bank of Pakistan Saleem Ullah Thursday disclosed that new banknotes with improved security features will be introduced in the next two years where SBP has 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 said that this visionary initiative comes as part of SBP’s commitment to revamp the existing banknote series and address concerns related to counterfeit currency circulation within the country.
He said that it was an “established practice” to introduce new banknotes every 15 to 20 years for security purposes, after 2005 Pakistan will soon introduce easy and technology-based standard currency notes to facilitate the public.
He said that local artists, designers, and art students will be eligible to participate in the art competition.The designs could be on the themes of social and cultural identities, diversity, climate change and environment protection, economic development, natural landscapes, architectural heritage and national symbols, he mentioned.
The designs could be submitted by March 11, after which a jury of “reputed artists” will recommend six designs for each denomination, he further added.The rollout of new banknotes is expected to be completed “within the next two years,” he highlighted.
Replying to a question, he said that State Bank is ensuring an adequate supply of good quality banknotes across the country, adding, we have run various awareness drives for the public to recognize the original banknotes.He also termed the introduction of currency notes with new security features as a “positive development”.
SBP refutes IMF-related speculations behind new currency notes decision
The State Bank of Pakistan’s decision to introduce new currency notes was not taken at the behest of the International Monetary Fund (IMF), the bank’s Deputy Governor Saleem Ullah said on Thursday.
Saleem Ullah, while speaking during Geo News programme ‘Geo Pakistan’, said new notes are printed every 15 to 20 years, the purpose of which is to maintain its integrity.
During the conversation, the deputy governor also maintained that the deficit is expected to decrease in the next financial year, according to the new monetary policy.
Earlier this week, the country’s central bank said it intended to launch new currency notes in the next two years, clarifying that the existing banknote series will remain in circulation even after the issuance of the new one.
Saleem Ullah, commenting on the issuance of the last series of currency notes, said it was issued in 2005 and lasted for three years.
“It will take about two years to issue the first note. It is a lengthy process.”
He added that the new currency will be printed using modern technology.
