Issuing New Currency Notes Process Start by SBP

The State Bank of Pakistan (SBP) has initiated the process of designing and issuing a New Banknotes Series of all existing denominations.

Central banks typically release new banknote series every fifteen to twenty years to maintain the security and modernize the design and security features of the currency.

The SBP is hosting an Art Competition as the first step in creating a new series of banknotes. The competition invites local artists, designers, and art students to submit their creative and thematic design ideas for the new banknote series by March 11, 2024. Cash prizes will be awarded to the top three designs for each of the current seven denominations.

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 last versions of the designs will go to the Federal Government for confirmation. The creation of a new set of banknotes involves several steps and stages, demanding careful planning and coordination among different groups involved. Typically, it takes 2 to 3 years to introduce a new series of banknotes. However, the SBP aims to finish the process in the next 2 years.

The current banknote series will continue to be used even after the introduction of the new series. Any decision to remove the existing series from circulation will be made gradually and in stages, only after the new banknotes have been issued and are widely circulated.

Terms & Conditions

1. The Participants can share the design of all the seven (07) existing denominations (Rs. 10, 20, 50, 100, 500, 1000 and 5000) or fewer denominations based on their choice.
2. Design for each banknote shall be presented in hard copy on white paper along with a writeup of not more than hundred words in English or Urdu, explaining the design and its theme.
3. Each banknote denomination must have its own distinct and easily recognizable colors.
4. A Jury comprising reputed artists will evaluate the designs and recommend the top six (06) designs for each denomination to the SBP for picking the top 3 designs of each denomination.
5. The first, second and third designs of each denomination will be given the prize of Rs.1,000,000/-, Rs.500,000/- and Rs.300,000/- respectively.
6. The participants shall ensure that their submitted designs are free from any copyright claims and/or any liabilities.
7. The members of the Jury, SBP and its subsidiaries employees and their family members shall not be eligible to participate in the Art Competition.
8. The artworks entered into the Art Competition will become the exclusive property of the SBP. The SBP reserves the right to share the designs, or any changes made to them, with banknote designers for the purpose of designing banknotes, without offering additional compensation.
9. For any questions and clarifications about the Art Competition, contact here.