Tech Desk
Sep 13, 2024
The State Bank of Pakistan (SBP) on Thursday released a statement to clear the air about the new currency note designs putting speculations to an end.
With the government gearing up to release the currency notes with new designs later this year, the central bank held an art competition wherein local artists were encouraged to come up with unique and captivating design ideas for the new banknotes.
The artistic competition was held in January earlier this year, followed by the announcement of its winning participants last week on September 5, 2024.
The central bank stated that the designs that stood out of all the proposals from the contestants were not the chosen ones for new banknotes as the actual designs for new currency notes are being developed by reputed international firms selected through a competitive process.
According to the SBP, this art competition was meant to engage local artists and the general public in the process of introducing new banknotes as a measure of keeping up with international standards.
A selection committee, comprising leading artists, reviewed the entries and selected winners based on artistic quality and vision.
One of the winning designs showcased religious diversity and showed several various religions of Pakistan which stirred a bit of controversy, leading to the misconstrued representation of a particular religion.
The SBP, in its statement, has clarified that the winning designs for the new series have not yet been finalised. Instead, reputed international firms will submit their design proposals by December 2024.
The finalised designs will be approved by the SBP Board and submitted to the government for approval by January 2025, it added.
After approval, the central bank said, printing of the new series will be started, adding that the new banknotes have been designed with upgraded security against counterfeit, and are very inclusive for the diversified population of Pakistan.
