News

Artists Alert: SBP announces new currency notes design competition

Local artists, designers, art students can send designs to SBP by March 11, 2024: Top three designs for each of existing seven denominations to be awarded cash prizes

By News Desk

January 30, 2024 04:53 PM


Twitter Share Facebook Share WhatsApp Share

The State Bank of Pakistan (SBP) has initiated the process of designing and issuing a New Banknotes Series of all existing denominations.

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

As part of the initial process of designing the new banknote series, the SBP is organizing an Art Competition to have innovative and thematic design ideas for the new banknote series.

The local artists, designers and art students can send their designs to SBP by 11th March 2024.

The top three designs for each of the existing seven denominations will be recognized and awarded cash prizes.

The complete information about the Art Competition can be accessed at the website 

https://www.sbp.org.pk/ArtCompetition/ArtCompetition.pdf

The design ideas and themes finalized after the Art Competition will be shared with the reputed professional banknote designers to be selected through a competitive process for developing the final printable designs for each denomination.

The final designs will be submitted to the Federal Government for approval. The process of issuance of a new banknote series involves several steps and stages and thus requires meticulous planning and coordination amongst multiple stakeholders.

Generally, it takes 2 to 3 years to launch a new banknote series, however, the SBP intends to complete the process within the next 2 years.

The existing banknote series will remain in circulation even after the issuance of a new series. Any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner, once the new banknotes are issued and are in circulation in sufficient quantities.


News Desk


Most Read

  1. Public Holiday announced in Lahore tomorrow Public Holiday announced in Lahore tomorrow
  2. Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground
  3. Iranian First Lady visits Numl Iranian First Lady visits Numl
  4. Madiha Rizvi ties the knot again Madiha Rizvi ties the knot again
  5. Pakistan, Iran sign raft of accords to bolster bilateral cooperation Pakistan, Iran sign raft of accords to bolster bilateral cooperation
  6. Zara Noor Abbas inspired by Rani Mukerji Zara Noor Abbas inspired by Rani Mukerji

Opinion

  1. Islamabad becoming the hub of international diplomacy
    Islamabad becoming the hub of international diplomacy

    By Salim Bokhari

  2. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  3. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  4. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  5. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  6. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay