By The State Bank of Pakistan (SBP) announced an art competition on Tuesday to gather creative and theme-based design proposals for the new banknote series that will be issued in all current denominations.
The SBP has established an art competition in an unusual attempt to involve local designers, artists, and art students in creating the future currency’s visual identity.
This innovative move is part of SBP’s resolve to modernize the current banknote series and solve issues with the nation’s circulation of counterfeit money. In a shocking statement, Governor Jameel Ahmed underlined the necessity of sophisticated security measures and eye-catching design to counter the spread of counterfeit notes.
The federal government will be considered for approval of the final designs. Within the following two years, SBP hopes to finish the procedure. The present banknote series will stay in circulation even after the next one is issued.
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It is a well-established practice of SBP to introduce new banknote series every fifteen to twenty years in order to maintain the integrity of the currency and keep it up to date with technological advancements in security features and design.
A new banknote series takes two to three years to launch due to the various steps and stages involved in the process, which calls for careful planning and coordination amongst multiple stakeholders. The SBP hopes to finish the process in the next two years.
Participants in the art competition are encouraged to let their imaginations run wild with themes that cover a wide range of topics, including national emblems, natural landscapes, architectural legacy, population diversity, climatic change, and social and cultural identities. Innovative concepts and designs that speak to Pakistan’s diverse identity are encouraged by the competition.
Artists may choose to concentrate on a subset of the seven available denominations (Rs. 10, 20, 50, 100, 500, 1000, and 5000) or submit designs for all seven. The design of every banknote should be displayed in hard copy on white paper along with a one-hundred-word explanation of the design’s underlying subject written in either English or Urdu.
The distinctive and clearly identifiable colors for each denomination will be one of the new currency series’ key differentiators. The central bank wants to produce visually arresting money that not only showcases Pakistan’s diverse culture but also has cutting-edge security features to combat attempts at counterfeiting.
It is mandatory for participants to guarantee that their designs, when submitted, are free from any copyright claims or obligations. The SBP will own all rights to the submitted designs, so the central bank will be free to distribute or alter them as needed to produce banknotes without incurring additional costs. Local artists have a one-of-a-kind chance to contribute to the visual story of Pakistan’s currency through the Art Competition. It is in line with international trends, according to which central banks are incorporating the public and artists more and more into the design process to produce currency that accurately captures the spirit of the country’s past and present.
