State Bank of Pakistan starts process of issuance of new banknote series

The State Bank of Pakistan (SBP) has started the procedure to create and release a new series of banknotes encompassing all current denominations. Central banks typically introduce new banknote series every 15 to 20 years as a standard practice to maintain the authenticity of banknotes and incorporate the latest design and security advancements.

As a part of the initial steps in creating a new series of banknotes, the State Bank of Pakistan (SBP) is conducting an Art Competition to gather innovative design ideas with specific themes for the upcoming banknote series. Local artists, designers, and art students are invited to submit their designs to the SBP by March 11, 2024. Cash prizes will be awarded to the top three designs for each of the existing seven denominations.

After the Art Competition, the chosen design ideas and themes will be shared with professional banknote designers selected through a competitive process. These designers will develop the final printable designs for each denomination. The ultimate designs will then be submitted to the federal government for approval.

The entire process of introducing a new banknote series involves various steps and stages, demanding careful planning and coordination among multiple stakeholders. While it typically takes 2 to 3 years to launch a new banknote series, the SBP aims to complete this process within the next 2 years.

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