SBP initiates process for issuance of new banknotes by announcing an art competition

KARACHI   -   The State Bank of Pakistan (SBP) is go­ing to initiate process for designing and issuing a new banknotes series of all existing denominations on Tuesday, an­nounced an art competition to acquire innovative and thematic design ideas. 

The central bank, in a statement is­sued here, said that it intended to com­plete the process involving a number of steps and stages from initial selec­tion of design ideas to approval of the final printable design by the federal government within the next two years. 

“The existing banknote series will remain in circulation even after the is­suance of 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,” it added. As part of the initial process of design­ing the new banknote series, the SBP is organising an Art Competition to have innovative and thematic design ideas for the new banknote series, it stated, adding that the local artists, designers and art students could send their de­signs to SBP by 11th March 2024. 

The top three designs for each of the existing seven denominations would be recognized and awarded cash prizes, the SBP spokesperson informed. The design ideas and themes finalised after the 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, he said and added that the fi­nal designs will be submitted to the federal government for approval. 

Introducing new banknote series af­ter every fifteen to twenty years is an established practice of central banks for securing integrity of banknotes and align them with the latest technologi­cal developments in the banknote de­sign and security features, he said. The process of issuance of new banknote series involves a number of steps and stages and thus requires meticulous planning and coordination amongst multiple stakeholders, he said and added that 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 complete information about the Art Competition can be accessed at https://www.sbp.org.pk/ArtCompeti­tion/ArtCompetition.pdf.

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