SBP issues clarification on new currency notes

KARACHI: The State Bank of Pakistan (SBP) on Thursday clarified that winners of the art competition for banknote designs announced on September 5 are not the short-listed designs for the new currency notes, ARY News reported.

“The SBP initiated the process for designing of the new banknote series in January this year with the announcement of an Art Competition for thematic design ideas of the new banknote series. The actual designs of the proposed new series are being designed by reputed international firms selected through a competitive process,” the central bank said in a statement.

The aim of announcing the art competition results, however, was only to appreciate the efforts of the artists and encourage them with monetary prizes.

The actual currency notes designs of the proposed new series are being designed by reputed international firms selected through a competitive process. The firms will submit their design proposals by December 2024 and the finalised designs duly approved by the SBP Board will be submitted to Federal Government for approval by January 2025.

“The SBP would initiate the printing process for the new banknote series after the approval by the Federal Government,” the statement read.

SBP’s earlier statement

Earlier on September 5, the SBP announced the winners of the Art Competition for the designs of the new banknote series.

“We appreciate the local artists and designers who participated in the competition showcasing their creativity and talent in this important endeavor. The shortlisted designs are suggestive in nature and are being shared with international designers who have been shortlisted to work with SBP and finalise designs for the new banknote series. The International designers, while drawing inspiration from the local art submissions, will, however, be free to employ their own design expertise and imagination to create final designs for the new banknotes series,” the central bank’s earlier statement read.