The State Bank of Pakistan (SBP) has issued a detailed clarification regarding the results of its recent Art Competition, which was held to gather thematic design ideas for a new series of banknotes. This clarification follows a series of misinterpretations by media and the public about the purpose and implications of the competition results.
In a statement released on Thursday, the SBP outlined that the process of designing a new banknote series began in January 2024. As part of this initiative, the central bank organized an Art Competition aimed at engaging local artists and involving the public in the design process, consistent with international best practices. The competition sought to encourage creativity and provided a platform for artists to contribute to a significant national project.
The SBP announced the winners of the Art Competition on September 5, highlighting their contributions and awarding monetary prizes to recognize their efforts. However, the central bank noted that there has been some confusion regarding the competition results. Some media outlets and members of the public have mistakenly interpreted the announcement as a shortlisting of designs for the new banknote series.
The SBP clarified that the primary goal of announcing the art competition results was to acknowledge and reward the artistic talent of participants, not to finalize or shortlist designs for the new banknotes. The winning entries were selected based on their artistic quality and thematic representation of religious diversity but do not represent the actual designs that will be featured on the new banknotes.
The central bank emphasized that the designs for the new banknote series are being developed by renowned international firms. These firms were selected through a competitive process to ensure high standards and innovation in the design. The design proposals from these firms are expected to be submitted by December 2024. Following this, the SBP Board will review and approve the finalized designs, which will then be submitted to the Federal Government for final approval by January 2025.
Once the Federal Government approves the designs, the SBP will initiate the printing process for the new banknote series. This meticulous process underscores the central bank’s commitment to ensuring that the new banknotes are designed with the highest level of professionalism and adherence to international standards.
The SBP’s clarification aims to address any misconceptions and provide transparency about the banknote design process. By outlining the steps involved and the roles of various stakeholders, the central bank hopes to foster a better understanding of the project and its objectives.
This announcement is part of the SBP’s broader efforts to engage with the public and promote transparency in its operations. The central bank continues to emphasize its commitment to upholding the highest standards in all its endeavors, including the development of new banknote designs that reflect Pakistan’s rich cultural heritage and values.