ISLAMABAD: The State Bank of Pakistan (SBP) has issued a clarification regarding the recent art competition for designing a new banknote series. The competition, launched in January, aimed to encourage local artists and engage the public in the design process.
Although the winning designs were announced on September 5, some people misunderstood this as the final selection for the new banknotes.
However, the SBP wants to make it clear that the winning designs were only chosen to recognize the artists’ efforts and reward them with prizes.
The actual designs for the new banknote series are being created by international firms, selected through a competitive process.
In addition, these firms will submit their proposals by December 2024, and the final designs will be approved by the SBP Board and the Federal Government by January 2025.
Only after receiving approval from the Federal Government will the SBP start printing the new banknotes. The SBP aims to ensure transparency and clarity in this process, avoiding any confusion.
