Pakistan To Release New Currency Designs with Cutting-Edge Security Features

February 1, 2024Zayn0

In an unprecedented move, the State Bank of Pakistan (SBP) Governor Jameel Ahmed announced that the bank will be introducing new notes in all denominations. The goal of this initiative is to improve security measures and stop the flow of counterfeit money into the nation.

The governor of Pakistan’s central bank unexpectedly disclosed intentions to launch new banknotes in all denominations during a casual conversation with media.

The action, which aims to eliminate black money within the nation, represents the State Bank of Pakistan’s principled resolve to reform the current monetary system.

The Reason Behind the New Currency Design

The worth and accessibility of money, peoples’ purchasing power, tax revenue, and the transparency of the financial system are all anticipated to be significantly impacted by the currency update in Pakistan.

With images of historical sites, cultural icons, and national heroes, the new banknotes will also represent Pakistan’s identity and culture.

The State Bank of Pakistan (SBP) is optimistic that the introduction of new banknotes will boost public confidence in both the currency and the central bank, thereby fostering the nation’s economic progress and development.

According to insiders with knowledge of the situation, the action was taken in response to growing grievances regarding the ubiquity of fake money.

The CEO of the financial advisory business Alpha Beta Core, Khurram Schehzad, views the addition of new security elements as a positive step but advises against making snap judgments.

Schehzad refuted the idea that the black money problem could be solved by the issuance of new notes alone. He emphasized the necessity of taking more steps to limit or regulate the distribution of larger denomination banknotes.

Evaluating the amount of cash that the general public hoards is important because people frequently turn cash into assets like real estate, vehicles, gold, or foreign currencies when inflation is high.

SBP Is Inviting Designs for New Banknotes

The central bank announced that entries to the art competition are open to local artists, designers, and art students. The competition’s themes may include social and cultural identities, diversity, climate change and environmental protection, economic development, natural landscapes, architectural heritage, and national symbols.

By March 11th, the designs can be submitted. Six ideas will be recommended for each denomination by a jury comprised of “reputed artists.”

“Professional banknote designers” will assess the designs and suggest six designs for each denomination to the SBP, who will then choose the top three designs.

The federal government will be consulted for approval of the final designs.

Prizes totaling Rs1 million, Rs500,000, and Rs300,000 will be awarded to the designers of the first, second, and third designs in each denomination, respectively.

Wrap Up

Schehzad addressed worries about the effects on the economy and emphasized how crucial it is for the SBP to control currency note printing in order to reduce the primary cause of growing inflation.

As the currency update moves forward, the central bank’s plan for preserving economic stability will come under intense scrutiny.

Zayn

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