The State Bank of Pakistan has announced that the newly designed currency notes will be introduced into circulation this year. SBP Governor Jameel Ahmed confirmed in a press conference that the new notes, across all existing denominations, would be introduced gradually with updated designs, rather than all once.
He further clarified that the newly designed currency notes will be sent to the federal cabinet for validation once the technical evaluation procedure is completed.
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Although the Governor did not disclose which denomination would be released first, the announcement marks a significant move towards modernising Pakistan’s currency. According to an official statement, it is standard practice for central banks to issue new banknote series every 15 to 20 years to maintain the integrity of the currency and adopt the newest advancements in banknote design and security features.
Last year, the SBP showcased potential designs for the new currency notes, which were shortlisted from numerous entries submitted by citizens in a competition organized by the SBP.
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