The State Bank of Pakistan (SBP) has initiated the process of designing and issuing a New Banknotes Series of all existing denominations. It is an established practice of central banks to introduce new banknote series every fifteen to twenty years to secure the integrity of banknotes and align them with the latest technological developments in banknote design and security features.

As part of the initial process of designing the new banknote series, the SBP is organising an art competition to develop innovative and thematic design ideas. 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 recognised 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 finalised after the Art Competition will be shared with the reputed professional banknote designers, who will 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 method of issuance of new banknote series involves several 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 two 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 gradually and phased, once the new banknotes are issued and are in circulation in sufficient quantities.