ISLAMABAD
\nDeputy 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.
\nIn an exclusive interview with a private news channel, he said that this visionary initiative comes as part of SBP\u2019s commitment to revamp the existing banknote series and address concerns related to counterfeit currency circulation within the country.
\nHe said that it was an \u201cestablished practice\u201d 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.
\nHe 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.
\nThe designs could be submitted by March 11, after which a jury of \u201creputed artists\u201d will recommend six designs for each denomination, he further added.The rollout of new banknotes is expected to be completed \u201cwithin the next two years,\u201d he highlighted.
\nReplying 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 \u201cpositive development\u201d.
\nSBP refutes IMF-related speculations behind new currency notes decision
\nThe State Bank of Pakistan\u2019s decision to introduce new currency notes was not taken at the behest of the International Monetary Fund (IMF), the bank\u2019s Deputy Governor Saleem Ullah said on Thursday.
\nSaleem Ullah, while speaking during Geo News programme \u2018Geo Pakistan\u2019, said new notes are printed every 15 to 20 years, the purpose of which is to maintain its integrity.
\nDuring 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.
\nEarlier this week, the country\u2019s 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.
\nSaleem Ullah, commenting on the issuance of the last series of currency notes, said it was issued in 2005 and lasted for three years.
\n\u201cIt will take about two years to issue the first note. It is a lengthy process.\u201d
\nHe added that the new currency will be printed using modern technology.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-384653","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n