In a significant move to enhance the security and aesthetic appeal of its currency, the State Bank of Pakistan (SBP) has embarked on the journey of crafting a fresh banknote series that encompasses all existing denominations.
Central to this initiative is the SBP’s commitment to upholding the integrity of banknotes, a practice observed globally every 15 to 20 years. This periodic renewal ensures that banknotes remain technologically advanced, incorporating the latest design trends and security features.
As the first step in this exciting endeavor, the SBP is calling upon local artists, designers, and art students to participate in an innovative Art Competition. The competition aims to harvest a plethora of creative and thematic design ideas for the upcoming banknote series.
Eager participants have until March 11, 2024, to submit their visionary designs. The top three designs for each of the seven existing denominations will not only receive recognition but also rewarded with cash prizes.
Following the Art Competition, the chosen design ideas and themes will entrusted to distinguished professional banknote designers. Selected through a rigorous competitive process, these experts will shape the final printable designs for each denomination.
Once perfected, these designs will submitted to the federal government for approval, marking a crucial milestone in the issuance of the new banknote series.
While the conventional timeline for introducing a new banknote series spans 2 to 3 years, the SBP has set an ambitious goal to complete the process within the next 2 years, showcasing its dedication to efficiency and innovation.
Importantly, the existing banknote series will continue to circulate alongside the new notes. Any decision to withdraw the current series will approached gradually and in phases, ensuring a smooth transition once the new banknotes gain sufficient circulation.
The entire process underscores meticulous planning and coordination among multiple stakeholders, highlighting the SBP’s commitment to delivering a cutting-edge and secure currency that aligns with the aspirations of a rapidly advancing society.
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