This collaborative approach underscores SBP's commitment to fostering creativity and innovation in the development of the new banknote series.
The State Bank of Pakistan (SBP) has announced the commencement of the process for designing and issuing a new banknote series encompassing all existing denominations. This move comes as part of the central bank’s commitment to upholding the integrity of banknotes and incorporating the latest technological advancements in banknote design and security features.
It is a customary practice for central banks to introduce new banknote series every fifteen to twenty years to ensure the security and authenticity of the currency. By aligning with technological developments, SBP aims to bolster the resilience of the banknotes against counterfeiting and enhance their overall security.
As a preliminary step in the design process, SBP has launched an Art Competition to solicit innovative and thematic design ideas for the new banknote series. The competition is open to local artists, designers, and art students, who are invited to submit their designs to SBP by 11th March 2024.
In a bid to recognize and reward creative excellence, the top three designs for each of the existing seven denominations will be acknowledged and the creators will receive cash prizes. This initiative not only seeks to infuse creativity into the banknote design process but also provides an opportunity for local talent to contribute to the visual representation of Pakistan’s currency.
The SBP’s decision to engage artists and designers from the local community underscores its commitment to fostering creativity and innovation in the development of the new banknote series. This collaborative approach is poised to yield banknotes that are not only aesthetically appealing but also equipped with robust security features to safeguard against fraudulent activities.
The announcement of the Art Competition marks the commencement of an exciting phase in the evolution of Pakistan’s currency, as SBP endeavors to introduce a new banknote series that reflects the nation’s rich cultural heritage and technological advancements. With the deadline for submissions approaching, anticipation is high for the unveiling of the innovative designs that will shape the future of Pakistan’s banknotes.
The initiative by SBP to initiate the process for the issuance of a new banknote series signals a significant milestone in the evolution of Pakistan’s currency, as the central bank takes proactive steps to fortify the security and visual appeal of the nation’s banknotes.