State Bank of Pakistan has announced an art competition for the new design of currency notes in the country.
According to the announcement issued by the State Bank of Pakistan regarding the new currency notes, Bank Daulat has started designing and issuing a series of new currency notes of 7 different denominations.
According to the State Bank, it usually takes 2 to 3 years to issue new notes, but the State Bank plans to issue new notes in two years.
The first step in issuing new currency notes will be their design. State Bank will collect 7 different denominations of 10, 20, 50, 100, 500, 1000 and 5000 in 3,3 design art competition.
According to the State Bank, local artists, designers and students can submit their designed currency notes in the art competition on the State Bank's website till March 11, 2024.
The designs selected in the competition will later be finalized for circulation with the help of expert currency note designers.
The announcement said that the new currency notes will be finalized and sent to the Government of Pakistan for approval. New series of currency notes will be issued after government approval.
According to the State Bank, the current series will continue to circulate along with the issuance of new notes. After providing ample supply of new notes, the existing ones will be phased out through circulation.