The State Bank of Pakistan (SBP) has issued a clarification regarding misconceptions surrounding the recently announced art competition for the new currency note series.

The competition, which began in January 2024, aimed to encourage local artists and engage the public in the design process, in line with international best practices.

According to the SBP, the results of the art competition were announced on September 5, 2024. However, certain sections of the media and the public misinterpreted these results as the shortlisted designs for the upcoming banknote series.

The central bank has categorically stated that the competition was solely intended to appreciate the artistic efforts of participants and award monetary prizes, rather than finalise any designs for the new currency notes.

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One of the winning entries, which depicted religious diversity by highlighting various religions practised across Pakistan, sparked controversy. Some individuals mistakenly believed that the design was promoting a specific religion.

The central bank clarified that the artwork was selected purely on artistic merit and its portrayal of religious diversity, without any ulterior motives.

The SBP further emphasized that the winning designs from the art competition are not part of the official process for finalizing the new currency notes. Instead, reputed international firms, selected through a competitive process, are tasked with designing the new banknote series.

These firms are expected to submit their design proposals by December 2024, after which the SBP Board will review and approve the finalized designs.

The approved designs will then be forwarded to the Federal Government for final approval by January 2025, following which the printing process will commence.