No, the central bank did not start a competition to redesign Egyptian banknotes (unfortunately), according to a statement carried by Al Masry Al Youm. The idea started on a Facebook page calling itself the Egyptian Currency Design Challenge calling for entries to redesign Egyptian banknotes. Some of the entries are impressive, and the page does make clear that it “is not supported or accredited by any official governmental entity or institution. It is held only for the purpose of displaying our rich Egyptian art and culture by sharing visions, concepts and thoughts of talented Egyptian creative artists with the rest of the world.” You can view the submitted designs here.