SBP Initiates the Process for Issuance of New Banknotes in Pakistan 2024
- Pakistan to introduce new currency designs with advanced Security Features
- SBP unveils plans for new currency notes with enhanced Features
- SBP to issue new notes in 2024 State Bank of Pakistan
- SBP invites designs for new currency notes in Pakistan
- State Bank Decides to Introduce New Designs for All Denominations
- SBP launches art competition for new banknotes in Pakistan 2024
پاکستان میں نئے کرنسی نوٹ کے لیے آپ بھی ڈیزائن بنا کے دے سکتے ہیں سٹیٹ بینک آف پاکستان کا اعلان ۔۔۔ 11 مارچ 2024 تک سٹیٹ بینک نے ڈیزائن جمع کروانے کا اعلان کر دیا ۔۔۔۔۔ پہلے 3 نمبر پہ انیوالے والے ڈیزائنرز کو کیش پرائز بھی دیا جائے گا
State Bank of Pakistan (SBP) has initiated the process for designing and issuing a New Banknotes Series
of all existing denominations. It is an established practice of central banks to introduce new banknote
series after every fifteen to twenty years to secure the integrity of banknotes and align them with the
latest technological developments in the banknotes design and security features.
As a part of initial process of designing the new banknote, the SBP is read to organize an Art
Competition to have innovative and thematic design ideas for the new banknote series. The local
artists, designers and art students can send their designs to SBP by 11th March 2024. The top three
designs for each of the existing seven denominations will be recognized and awarded cash prizes. The
complete information about the Art Competition can be accessed at
https://www.sbp.org.pk/ArtCompetition/ArtCompetition.pdf
The design ideas and themes finalized after the Art 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. The final designs will be submitted to the Federal
Government for approval. 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.
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 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.
of all existing denominations. It is an established practice of central banks to introduce new banknote
series after every fifteen to twenty years to secure the integrity of banknotes and align them with the
latest technological developments in the banknotes design and security features.
As a part of initial process of designing the new banknote, the SBP is read to organize an Art
Competition to have innovative and thematic design ideas for the new banknote series. The local
artists, designers and art students can send their designs to SBP by 11th March 2024. The top three
designs for each of the existing seven denominations will be recognized and awarded cash prizes. The
complete information about the Art Competition can be accessed at
https://www.sbp.org.pk/ArtCompetition/ArtCompetition.pdf
The design ideas and themes finalized after the Art 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. The final designs will be submitted to the Federal
Government for approval. 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.
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 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.
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