ISLAMABAD: Director Finance of the State Bank Pakistan Qadir Bakhsh on Wednesday said that SBP was organizing an art competition to develop thematic and innovative design ideas for new banknotes where designers, local artists, and art students would submit their final designs by March 11.
Talking to a private news channel, Bakhsh said that the final designs would be submitted to the federal government for approval and the process of issuing the new series of banknotes would involve a number of measures, adding that cash prizes would be awarded to the top 3 entries in each of the current 7 denominations.
He explained that after the art competition, the selected themes and design ideas would be shared with professional banknote designers chosen through a competitive process.
He added that these designers would then develop the final printable designs for each denomination, and the completed designs were going to be submitted to the government for approval.
Replying to a query, he said launching a new banknote series would involve several measures and stages, requiring careful planning and coordination among multiple stakeholders as this process typically takes two to three years, but the SBP targeted to complete it within the next two years.
The director said that a jury of respected artists would evaluate the designs and recommend the top 6 designs for each denomination to the central bank.
Cash Prizes for Top 3 Designs
The top 3 designs for each denomination would receive prizes of Rs1,000,000, Rs 500,000, and Rs 300,000, respectively, he added.
Bakhsh said that participants must ensure that their designs are free from copyright liabilities and claims.
