Business
SBP launches art competition for new banknotes
Local artists, designers and art students should send their designs to the State Bank by March 11.
Islamabad: State Bank of Pakistan (SBP) Tuesday started the process of issuing new currency note series.
The State Bank of Pakistan announced in a statement that the design of new banknotes of all current denominations has been started. After every 15 to 20 years, central bank takes steps to secure currency notes.
In the statement issued by the State Bank, it has been stated that they have decided to organize an art competition for the new design of the note. Local artists, designers and art students should send their designs to the State Bank by March 11.
The final designs will be submitted to the federal government for approval. SBP intends to complete the process in the next two years. Even after the issuance of the new series, the current banknote series will continue to circulate.
Any decision to withdraw the current series from circulation will be gradual and phased.