SBP organises art competition for new currency notes’ designs. The State Bank of Pakistan (SBP) has unveiled plans to introduce a revamped series of currency notes across all denominations within the country.
This development comes as the central bank invites local artists, designers, and students to participate in a design competition aimed at shaping the aesthetic identity of the new banknotes.
As per the official announcement, interested individuals have until March 11 to submit their artistic proposals, with the prospect of cash prizes awaiting the top three designs for each of the seven different denominations.
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The selection process is set to undergo rigorous scrutiny by experts in the field of currency design before receiving final approval from the cabinet.
The entire process of implementing the new currency notes is projected to span the next two years, ensuring a meticulous and phased transition. Importantly, the legal status of the current currency notes and their existing designs will remain unchanged during this transition period.
Post-approval, the new currency notes will be gradually introduced into circulation, ultimately replacing their predecessors.
This strategy is in line with standard practices for currency updates, providing a smooth transition for the public.
The SBP’s decision to involve local talent in the redesigning process not only promotes a sense of national pride but also showcases a commitment to inclusivity and community engagement.
The competition, with its carefully outlined timeline and evaluation process, is expected to yield banknotes that not only meet the highest standards but also reflect the rich cultural tapestry of Pakistan.
As SBP organises art competition for new currency notes’ designs, this initiative stands as a testament to the State Bank’s proactive approach in combining aesthetics, security, and national identity in the realm of currency.
