In a significant update, the State Bank of Pakistan (SBP) has announced that newly designed currency notes will enter circulation in 2025. SBP Governor Jameel Ahmed revealed the decision during a press conference following the bank’s announcement of the latest policy rate.

A Phased Rollout of New Currency Notes

Unlike previous updates, the new currency notes will be introduced gradually across all denominations. The rollout will not occur all at once, allowing for a phased introduction. This strategic approach aims to ensure a smooth transition while accommodating the needs of the economy.

Technical Evaluation and Cabinet Approval

The SBP is currently finalizing the technical evaluation of the new designs, which will be presented to the federal cabinet for approval. Although specific details about which denomination will be the first to be issued were not disclosed, the SBP has emphasized that the new notes will incorporate modern security features to enhance the integrity of the currency.

Design Process and Public Involvement

As part of the design process, the SBP organized an art competition, inviting citizens to submit their designs for the new currency notes. After a rigorous evaluation, the winners were selected, with Dr. Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam claiming first-place honors. The second-place winners included Mirza Sufiyan, Aynee Zahra, and Karim Muhammad.

The shortlisted designs were then reviewed by a panel of esteemed experts, ensuring that the final selections met both aesthetic and security criteria. These designs will now be shared with international designers to collaborate with the SBP on the final version of the currency notes.

A Modernized Currency for a New Era

The introduction of new currency notes is an important step for the SBP, as central banks typically update their banknote series every fifteen to twenty years. This practice ensures that currency remains secure and aligned with the latest technological advancements in banknote design and anti-counterfeiting features.

With the new currency notes expected to roll out in 2025, Pakistan is set to modernize its national currency, making it more secure and reflective of the country’s evolving financial landscape.

Conclusion

The upcoming release of newly designed currency notes is an exciting development for Pakistan’s financial system. With updated designs and enhanced security features, the new notes will strengthen the integrity of Pakistan’s currency and align it with global standards. As the SBP moves forward with its phased rollout plan, Pakistanis can look forward to a more secure and modern currency in the near future.