The State Bank of Pakistan (SBP) has issued a clarification regarding the recent art competition for the new banknote series, addressing misconceptions about the results and their implications.
In a statement released on Thursday, the central bank emphasized that the art competition, which began in January 2024, was intended to recognize and celebrate the creativity of local artists. The competition aimed to engage the public in the designing process and was part of a broader effort to encourage artistic contributions.
The results of the competition, announced on September 5, 2024, have been misinterpreted by some media outlets and members of the public as representing shortlisted designs for the new banknote series. The SBP clarified that the purpose of announcing the competition results was solely to appreciate the efforts of the participants and provide monetary rewards for their contributions.
One of the winning designs, which depicted religious diversity and highlighted various religions practiced in Pakistan, was mistakenly perceived by some as promoting a specific religion. The SBP clarified that the selection was based solely on artistic merit and the theme of religious inclusivity, with no other considerations.
The central bank also reiterated that the designs recognized in the competition are not the finalized designs for the new banknote series. Reputed international firms have been selected through a competitive process to create the actual designs. These firms are expected to submit their proposals by December 2024. Following approval by the SBP Board, the designs will be sent to the federal government for final approval by January 2025. The printing of the new banknotes will commence only after receiving government approval.
The SBP’s clarification aims to clear up any confusion and ensure that the public understands the true purpose and process behind the new banknote series design competition.
