KARACHI, Jan 31: The State Bank of Pakistan (SBP) has commenced the process for introducing a new series of banknotes comprising all existing denominations.
Central banks routinely launch new banknote series every 15-20 years to maintain currency security and incorporate latest design and security features.
As part of initial design phase, SBP is holding an art competition for creative thematic concepts for the new series. Local designers, artists and art students can submit designs to SBP till March 11, 2024. Cash prizes will be awarded to top three entries in each of the current seven denominations.
Leading professional banknote designers will then be engaged through competitive process to transform selected concepts and themes into final printable designs per denomination.
The federal government will be consulted for approval of final designs. Typically, issuing a new banknote series involves extensive planning and coordination between multiple stakeholders, taking around 2-3 years to introduce.
When launched, both old and new series will remain in circulation simultaneously. Any decision to gradually phase out old notes will be made much later once new banknotes are sufficiently circulated.
Key Terms & Conditions:
- Participants can submit designs for all or some of the current Rs. 10, 20, 50, 100, 500, 1000 and 5000 denominations.
- Hardcopy submissions on white paper with design explanation in English/Urdu not exceeding 100 words.
- Distinct color identity for each denomination.
- Expert jury will shortlist top 6 entries per denomination for SBP’s selection of top 3 winning concepts.
- Cash prizes of Rs. 1 million, 500,000 and 300,000 for 1st, 2nd and 3rd prize respectively per denomination.
- Designs must be free of copyright issues.
- SBP employees/families cannot participate.
- SBP will own all design rights submitted.
The move will enhance banknote security features and provide a fresh new look to Pakistani currency. The public art competition also engages local talent in the design process.