New Currency Notes to Enter Circulation in 2025: SBP

KARACHI: The State Bank of Pakistan (SBP) has announced that the newly designed currency notes will enter circulation in 2025, ARY News reported on Monday.

After announcing the new policy rate, SBP Governor Jameel Ahmed said in a press conference that new currency notes in all existing denominations will be rolled out in phases, rather than all at once, and will feature updated designs.

He said that the new currency notes would be sent to the federal cabinet for approval after the completion of the technical evaluation.

SBP Governor didn’t reveal which denomination will be the first to be issued.

Read More: State Bank reveals potential designs for new currency notes

According to a statement of SBP, it is an established practice of central banks to introduce new banknote series after every fifteen to twenty years to secure the integrity of banknotes and align them with the latest technological developments in the banknotes design and security features.

The State Bank of Pakistan (SBP) last year revealed potential designs for new currency notes across all denominations.

The potential designs have been shortlisted from a number of designs submitted by the citizens in an art competition organised by the SBP.

The winners of the competition were Dr Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam for the first prize. Similarly, Mirza Sufiyan, Aynee Zahra, and Karim Muhammad were announced as the winners for the second prize.

The SBP said that the designs were shortlisted after a rigorous evaluation process conducted by a committee of esteemed experts from relevant fields.

The SBP said that the shortlisted designs of new currency notes are suggestive in nature and are being shared with international designers who have been tasked with working with the central bank.