SBP Clarifies Art Competition’s Role in New Banknote Series Design

Islamabad – September 2024: The State Bank of Pakistan (SBP) has clarified that the winners of the recent art competition, announced on September 5, are not the finalized designs for the new banknote series. This clarification comes after some misunderstandings about the competition’s purpose.

Earlier this year, in January 2024, the SBP launched an Art Competition inviting local artists to submit thematic design ideas for the new series of currency notes. The goal of the competition was to encourage creativity and recognize talented Pakistani artists, not to finalize the designs for the new notes. As a gesture of appreciation, the artists were awarded monetary prizes for their efforts.

One of the notable designs showcased Pakistan’s religious diversity, which sparked some debate. However, the SBP emphasized that the design was selected purely based on artistic quality, and not to promote any specific religious beliefs.

The central bank further explained that the actual designs for the new banknote series are being developed by internationally reputed design firms. These firms, chosen through a competitive process, are expected to submit their proposals by December 2024. After being approved by the SBP Board, the finalised designs will be sent to the Federal Government for final approval by January 2025.

The SBP stressed that the international designers would take inspiration from the local artists’ submissions while incorporating their own creativity and expertise into the final designs. The printing of the new banknotes will begin once the government approves.

This initiative by the SBP highlights the central bank’s commitment to showcasing local talent and aligns with global best practices in currency design. The new banknote series is expected to reflect both the cultural richness and modernity of Pakistan, presenting a bright future for the country’s currency system.