Winners not shortlisted for new banknotes: SBP

KARACHI: The State Bank of Pakistan (SBP) has clarified that the winners of a recent art competition are not the shortlisted designs for the country’s new banknote series.

The central bank launched the competition earlier this year to engage ordinary people and local artists in the design process. The winning entries were announced on September 5.However, there was some confusion among people and the media regarding the purpose of the competition, the SBP said. Some mistakenly believed that the winning designs would be used for the new banknotes.

The SBP, in a statement on Thursday, clarified that the competition was solely intended to recognize and reward the artistic talent of local artists.The actual design process for the new banknote series is being handled by international firms selected through a competitive bidding process. These firms are expected to submit their proposals by December 2024. The final designs, approved by the SBP Board, will then be presented to the federal government for approval by January 2025.

Once the federal government gives its green light, the SBP will proceed with the printing of the new banknote series.The SBP added that one of the winning designs projected religious diversity and highlighted different religions being practiced in the country.

Some segments of society “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.”