The State Bank of Pakistan (SBP), Thursday, concluded the initial phase of designing new bank note series with announcement of results of the Art Competition held to receive such creative designs which reflect the rich cultural heritage and progressive vision of the nation.
The central bank, in a statement issued here, announced successful conclusion of the art competition of local artists and designers for the designs of the new banknote series and stated that a committee, comprised of esteemed experts from relevant fields, selected nine designs for seven existing note denominations after a rigorous evaluation process for award of prizes.
“The shortlisted designs are being shared with international designers who have been shortlisted to work with SBP and finalize designs for the new banknote series,” the SBP spokesperson informed adding that the international designers, while drawing inspiration from the local art submissions, will employ their design expertise and imagination to create final designs for the new bank notes series.
The final printable designs for each denomination will be submitted to the Federal Government for approval. According the SBP the existing banknote series will remain in circulation even after the issuance of new series and any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner, once the new banknotes are issued and are in circulation in sufficient quantities.
The SBP vowed to ensure that the new banknote series reflects the rich cultural heritage and progressive vision of our nation, and hopes the final designs fully reflects this collaborative effort.
As per announcement, the artist and designer Dr. Shery Abidi got first and Mirza Sufiyan 2nd prize for the denomination of Rs.10 note, Haroon Khan got first prize in Rs.20 note, Syed Fawad Hussain first in Rs.50 note, Memoona Afzal first in Rs.100 and Rs.500 notes, Hadiya Hassan first in Rs.500 note, Aynee Zahra 2nd in Rs.500 note, Noureen Aslam first in Rs.1000 note and Karim Muhammad was selected for the second prize in Rs.5000 note design.
Extending congratulations to the shortlisted participants and expressing gratitude to all who contributed to the competition the SBP appreciated the local artists and designers who took part in the competition showcasing their creativity and talent in the endeavor.
Winners will be awarded prize money to appreciate their contribution to this important national project. As per the earlier announcement, the first, second and third designs of each denomination will be given the prize of Rs.1,000,000, Rs.500,000 and Rs.300,000 respectively.
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