SBP issues clarification on new banknote series art competition

The State Bank of Pakistan (SBP) has clarified the misinterpretation over the new banknote series art competition designs and winners, stating that the results were announced to appreciate the efforts and participation of the artists. 

In a statement released on Thursday, the central bank stated that they started the designing process of the new banknote series in January 2024 after it announced the art competition for new currency notes. 

The SBP added that the contest was conducted to encourage local artists and engage the people in the designing process. 

The art entries submitted by the local artists were evaluated by a committee of renowned artists and the winning entries of this competition were announced on September 5, 2024.

The announcement of the art competition results has been interpreted by a section of the media and public as a shortlisting of the designs of the new banknote series.

The aim of announcing the art competition results, however, was only to appreciate the efforts of the artists and encourage them with monetary prizes, the SBP said.

It said one of the winning designs projected religious diversity and highlighted different religions practised in the country. “Some segments of the public wrongly interpreted it as an attempt to project a particular religion.”

The art committee has selected the winning design only based on its art quality and the theme of religious diversity and nothing else, the central bank clarified.

It is clarified that the banknote designs that have won the art competition are not the short-listed designs for the new series.

The actual designs of the proposed new series are being designed by reputed international firms selected through a competitive process.

The firms will submit their design proposals by December 2024 and the finalised designs duly approved by the SBP Board will be submitted to the federal government for approval by January 2025.

The SBP would initiate the printing process for the new banknote series after the approval by the federal government.