In an impactful move aimed at both bolstering security and enhancing visual appeal, the State Bank of Pakistan (SBP) has set forth a significant initiative to create a brand-new banknote series, encompassing all existing denominations.
Commitment to Integrity
At the heart of this endeavor is SBP’s commitment to maintaining the integrity of banknotes. This practice, observed globally every 15 to 20 years, ensures that banknotes remain technologically advanced, incorporating the latest design trends and security features.
As the inaugural step in this exciting journey, the SBP invites local artists, designers, and art students to participate in an innovative Art Competition. The competition aims to gather a plethora of creative and thematic design ideas for the upcoming banknote series.
- Submission Deadline: March 11, 2024
- Recognition and Rewards: The top three designs for each of the seven existing denominations will be acknowledged and rewarded with cash prizes.
Following the Art Competition, chosen design ideas and themes will be 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 be submitted to the federal government for approval, marking a crucial milestone in the issuance of the new banknote series.
Efficiency and Innovation
While the traditional 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. This showcases the institution’s 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 be 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.
In this journey of artistic innovation, the SBP envisions not just new banknotes but a symbol of progress, security, and creativity that resonates with the dynamic spirit of the nation.