The State Bank of Pakistan has taken a principled decision to introduce new currency notes of all denominations in the country, after which a competition has been announced for new currency note designs. In this regard, State Bank has invited local artists, designers and students to participate in the design competition for new notes.
The Central Bank has informed that local artists, designers and students can send their designs to the State Bank till March 11. Cash prizes will be awarded to the top 3 designs for 7 different denominations in circulation. The successful designs will be decided by currency note experts, after which the final design will be approved by the cabinet.
#SBP launches an Art Competition for new banknote designs. Artists, designers and art students can send their designs to SBP by Mar 11, 2024.
For details: https://t.co/IA6c1h6py4#ArtCompetition #SBPBanknotes pic.twitter.com/OD6XPcdFVj— SBP (@StateBank_Pak) January 30, 2024
The process of issuance of new currency notes of all denominations will be completed in the next 2 years, however, the legal status of all current design currency notes will also remain intact and will be gradually abandoned.
You might be interested in:
- Governor State Bank visits CDC to further strengthen SBP’s commitment to the development of Pakistan Capital Market
- State Bank incentivizes Exchange Companies to surrender 100% of home remittances in the interbank market
