The State Bank of Pakistan (SBP) has clarified that the designs winning the recent art competition are not the shortlisted designs for the upcoming new series of banknotes. In a press release issued today, the SBP stated that the actual designs for the proposed new series are being crafted by renowned international firms, selected through a competitive process.

These firms are expected to submit their design proposals by December 2024. The finalized designs, once approved by the SBP Board, will be forwarded to the Federal Government for final approval by January 2025. The printing process for the new banknote series will commence following this approval.

The SBP initiated the design process for the new banknote series in January this year, starting with an Art Competition aimed at gathering thematic design ideas. This competition was intended to engage local artists and the public in the design process, aligning with international best practices.

Entries from local artists were evaluated by a committee of renowned artists, and the winning designs were announced on September 5, 2024. However, the announcement of these results has been misinterpreted by some media outlets and the public as the selection of designs for the new banknote series.

The SBP clarified that the purpose of announcing the competition results was solely to recognize the artists’ efforts and reward them with monetary prizes. One of the winning designs, which highlighted religious diversity by showcasing different religions practiced in the country, was misinterpreted by some as promoting a particular religion.

The Art Committee selected the winning design purely based on its artistic quality and the theme of religious diversity, the SBP further clarified.