The State Bank of Pakistan (SBP) Governor Jameel Ahmed has declared a significant decision to revamp the existing currency system by introducing new currency notes across all denominations. This strategic move aims to combat individuals and entities involved in illicit financial activities within the country.
The new notes will incorporate state-of-the-art International Security Features to enhance the security of legal tender and suppress the circulation of counterfeit currency. In a bid to ensure both security and aesthetic appeal, SBP plans to organize a competition in February for the design of the new currency notes, focusing on visual appeal, intricate designs, vibrant colors, and advanced security features.
When will SBP reveal new notes?
The design framework for the new notes has already commenced and is expected to be completed by March. The decision to overhaul the currency system is a response to the increasing number of complaints regarding the circulation of fake notes across the country.
SBP’s comprehensive strategy includes introducing technologically advanced security features on the new currency notes, aiming to combat black money within the country and bolster the overall integrity and security of the currency.
Governor Jameel Ahmed assured the public that the new notes would be printed on material with advanced security features, reflecting SBP’s commitment to incorporating both aesthetic appeal and robust security measures.
This initiative is expected to have a positive impact on the financial system by curbing illicit financial activities and ensuring the authenticity of currency. The competition for designing new notes adds a participatory element to the currency overhaul process, emphasizing SBP’s proactive approach to maintaining public trust and confidence in Pakistan’s currency.
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