Tech Desk
Sep 06, 2024
An undated image of the State Bank of Pakistan building. — AFP
The State Bank of Pakistan (SBP) on September 6 unveiled the initial phase of designing a new banknote series with the announcement of the results of the Art Competition happened to get such creative designs which reflect the rich cultural heritage and progressive vision of the nation.
The central bank announced the successful conclusion of the art competition of local artists and designers for the designs of the new banknote series and said that a committee, having esteemed experts from relatable fields, specified nine designs for seven existing note denominations after a rigid evaluation process for award of prizes.
The SBP spokesperson stated: “The shortlisted designs are being shared with international designers who have been shortlisted to work with SBP and finalise designs for the new banknote series,” adding that the international designers, drawing inspiration from the local art submissions, would utilise their design expertise and imagination to create final designs for the new banknotes series.
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The finalised printable designs for each denomination are set to be submitted to the Federal Government for approval.
According to the SBP, the existing banknote series would remain in circulation even after the issuance of a new series and any decision on withdrawal of the existing series from circulation is set to be taken in a phased manner, once the new banknotes are issued and are in circulation in sufficient quantities.
Winners are set to be awarded prize money to applaud their contribution to this essential national project. According to the previous announcement, the first, second and third designs of each denomination will be given prizes of Rs1,000,000, Rs500,000 and Rs300,000.
