State Bank of Pakistan Clarifies Misinterpretation of New Banknote Art Competition

The State Bank of Pakistan (SBP) has addressed misconceptions surrounding the results of its recent banknote series art competition, clarifying that the competition was held to appreciate and applaud local artists, not to select designs for the new banknotes.

In a statement issued on Thursday, the central bank explained that the art competition, which began in January 2024, aimed to engage the public and local artists in providing thematic design ideas for the upcoming banknote series, following international best practices. The competition’s purpose was to promote artistic talent and encourage public participation, with the results announced on September 5, 2024.

However, sections of the media and the public misinterpreted the announcement as a shortlist of designs for the new banknote series. The SBP emphasized that the announcement was solely to recognize the efforts of the artists and award them monetary prizes.

One winning design, which showcased religious diversity in Pakistan, was particularly misunderstood by some members of the public as an attempt to promote a specific religion. The SBP clarified that the design was selected purely for its artistic quality and its depiction of diversity, and not for any religious reasons.

The central bank reiterated that the winning entries from the art competition are not the final designs for the new banknote series. Instead, the actual designs are being created by international firms selected through a competitive process. These firms are expected to submit their design proposals by December 2024, with the final designs, approved by the SBP Board, to be presented to the federal government for approval by January 2025.

The printing of the new banknote series will only commence after the federal government gives its approval.