KARACHI: Announcement of a prize competition for the design of new currency notes in the country.
Following its in-principle decision to issue new currency notes of all denominations, the State Bank of Pakistan established a competition to design new currency notes. In this context, State Bank has invited local students, designers and artists to participate in the design competition for the new notes.
According to a notification from the Central Bank, local designers, artists and students can submit their designs to the State Bank till March 11. The top three designs for each of the seven available categories will receive cash prizes. Currency experts will select the winning designs, and the cabinet will then approve the final version.
All current design currency notes will continue to be legal tender. However, the issuance of new currency notes in all denominations will take place over the next two years. Old design notes will be phased out after issuing new design currency notes.