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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →The State Bank of Pakistan (SBP) selected award-winning entries in a local banknote-art competition in September 2024, but it did not select the final designs for Pakistan’s next currency series. SBP said those entries were suggestions for professional designers; final designs still required a separate process and government approval. The documents available here do not confirm that approval or give a current circulation date.
What did SBP select?
On September 5, 2024, SBP announced award recipients for entries covering the existing Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1,000 and Rs. 5,000 denominations. The awards recognized competition work, not banknotes cleared for printing.
Recipients listed by SBP were Dr. Shery Abidi (first prize, Rs. 10), Mirza Sufiyan (second prize, Rs. 10), Haroon Khan (first prize, Rs. 20), Syed Fawad Hussain (first prize, Rs. 50), Memoona Afzal (first prize, Rs. 100 and Rs. 5,000), Hadiya Hassan (first prize, Rs. 500), Aynee Zahra (second prize, Rs. 500), Noureen Aslam (first prize, Rs. 1,000), and Karim Muhammad (second prize, Rs. 5,000). SBP’s September 5 announcement described the selected entries as suggestive and said they would be shared with shortlisted international designers.
Are these the final designs for Pakistan’s new notes?
No. In a clarification issued September 12, 2024, SBP stated: “It is clarified that the banknote designs that have won the art competition are not the short-listed designs for the new series.” The competition was intended to encourage local artists and public participation. The professional designers could draw on the competition entries but were free to use their own expertise and imagination in developing proposed final designs. SBP’s clarification also said an entry themed around religious diversity was selected on the basis of art quality and its theme; that does not establish a final decision about which religious imagery will appear on the currency.
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How does the professional design process differ?
SBP’s September 2024 statement said the actual designs were being developed by international firms selected through a competitive process. It projected that proposals would be submitted by December 2024, with final designs approved by the SBP Board and sent to the Federal Government for approval by January 2025. Those were projected dates, not confirmation that either approval took place.
An SBP technical evaluation report dated January 15, 2025, lists four consultants: China Bank Note Printing and Minting Corporation, Giesecke+Devrient Currency Technology, Koenig & Bauer Banknote Solutions SA, and De La Rue International Limited. The report records technical proposal scores and a 50% minimum overall technical qualifying score for selection for financial opening. That threshold is a procurement rule, not a public vote or a rating of final note designs. The report does not identify a final contracted firm. SBP’s evaluation index later listed a final evaluation report dated February 10, 2025, but the available index entry does not disclose its contents. SBP’s procurement evaluation page provides the index and report materials.
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What features did SBP request for the new notes?
The procurement terms set out design and production requirements, not confirmed specifications for approved banknotes. SBP sought designs for cotton-substrate notes with updated security features, advanced printing techniques and materials intended to support durability and security. Proposals were to account for the production capabilities of Pakistan Security Printing Corporation and Security Papers Limited Pakistan, while allowing consultants to recommend additional equipment or processes where needed. The consultancy terms of reference also requested:
- Depictions of Pakistani monuments, culture and other relevant subjects, with artwork on both sides of each note.
- Distinctive dominant colors and intaglio elements.
- Tactile features to help visually impaired users identify denominations.
- Specifications for printing materials and support for trial runs at the relevant facilities.
These requirements describe what consultants were asked to consider. They do not prove that a particular substrate, feature or design has been approved for the new series.
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What did the public competition ask artists to submit?
The competition covered all seven existing denominations, but participants could submit work for all or only some of them. Suggested themes included social and cultural identities, demographic diversity, climate change and environmental protection, economic development, natural landscapes, architectural heritage and national symbols.
Under the competition rules, entries had to be submitted physically with a short explanatory write-up, include both sides of the note and use colors that made denominations distinct. Detailed security features were not required at this stage. SBP’s terms also said submitted designs would become its property and could be shared with professional banknote designers without additional compensation. SBP’s competition FAQ and rules set out these participant requirements.
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When will the new notes enter circulation?
The available materials do not establish a current issuance date. In January 2024, SBP said launching a new series generally takes two to three years and stated an intention at that time to complete the process within the following two years. That was a historical target, not an updated schedule. The later procurement documents cited above do not confirm final government approval or an issuance date.
SBP said existing notes would continue to circulate after the new series was issued. Any withdrawal of the older series would be gradual and phased, after enough new notes had entered circulation; the announcement did not set a withdrawal date. SBP’s January 30, 2024 statement explains that circulation approach.
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