State Bank of Pakistan Shortlists New Currency Note Designs

In a significant move towards modernizing its currency, the State Bank of Pakistan (SBP) has unveiled the shortlist for its new banknote designs. This development follows an extensive competition launched in January 2024, aimed at refreshing the visual identity of Pakistan’s banknotes. The initiative sought innovative and thematic design concepts to represent the nation’s heritage, culture, and economic progress.

State Bank of Pakistan’s Genesis of the Design Competition

In March 2024, State Bank of Pakistan announced an open art competition inviting submissions for the new series of banknotes. The competition was an effort to engage creative minds across Pakistan, allowing artists, designers, and the general public to contribute to the national currency’s redesign. The goal was to incorporate fresh, dynamic elements into the currency while preserving essential features that reflect Pakistan’s identity.

Winners and Their Achievements

The competition attracted a diverse range of participants, leading to a rich pool of design submissions. The winners were selected based on their ability to merge artistic creativity with the functional requirements of currency design. The first prize went to Dr. Shery Abidi, Haroon Khan, Syed Fawad Hussain, Memoona Afzal, Hadiya Hassan, and Noureen Aslam. Their designs stood out for their originality and thematic depth.

Mirza Sufiyan, Aynee Zahra, and Karim Muhammad received the second prize for their innovative contributions. These designs were recognized for their strong conceptual frameworks and visual appeal. The State Bank of Pakistan had announced that the top three designs for each denomination would be rewarded with cash prizes of Rs. 1,000,000, Rs. 500,000, and Rs. 300,000, respectively.

Design Features and Selection Criteria

The selected designs are intended to reflect Pakistan’s cultural and historical richness. They are suggestive and serve as preliminary concepts for the final series. The State Bank of Pakistan has highlighted that while these designs form a foundation, international designers will collaborate to refine and finalize the new banknote series.

International Collaboration

The State Bank of Pakistan has engaged international designers to work alongside local winners to finalize the banknote designs. This collaboration aims to blend local artistic inspiration with global design expertise. The involvement of international designers is expected to bring a fresh perspective and advanced design techniques to the new currency series.

The Impact of New Banknote Designs

Revamping the currency notes is more than a cosmetic change. It represents a step towards modernizing Pakistan’s financial system and ensuring that the currency remains secure and relevant. New designs often incorporate advanced security features to combat counterfeiting and enhance the durability of the notes.

Public Engagement and Feedback

The redesign of currency notes is a public matter, and the State Bank of Pakistan has encouraged feedback from citizens regarding the new designs. Engaging the public not only helps in gauging the acceptance of the new designs but also in ensuring that the currency resonates with the people’s sense of identity and pride.

Looking Ahead: The Rollout of the New Currency

The next steps involve the detailed finalization of the designs by international and local collaborators. Once finalized, the new banknotes will be introduced into circulation. This process includes extensive testing and validation to ensure that the new currency meets all functional and security standards.

Conclusion

The shortlisting of designs for Pakistan’s new banknote series marks an exciting chapter in the country’s financial history. With contributions from talented local artists and global designers, the new currency promises to reflect both Pakistan’s rich heritage and modern advancements. As the project moves forward, the State Bank of Pakistan ’s commitment to innovation and public engagement will play a crucial role in shaping the future of Pakistan’s currency.