SBP issues clarification on new banknote series

The State Bank of Pakistan (SBP) on Thursday issued clarification regarding new banknotes designs that have won the recent art competition.

“The actual designs of the proposed new series are being designed by reputed international firms selected through a competitive process,” the SBP said in a statement.

The central bank informed that the firms will submit their design proposals by December 2024 and the finalized 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,” it maintained.

It said that the aim of announcing the art competition results was only to appreciate the efforts of the artists and encourage them with monetary prizes.

“One of the winning designs projected religious diversity and highlighted different religions being practiced in the country.

“Some segment of the public wrongly interpreted it as an attempt to project a particular religion,” SBP said, adding that they selected the winning design only based on its art quality and the theme of religious diversity and “nothing else”.

Earlier in January, SBP initiated the process for designing of the new banknote series year with the announcement of an art competition for thematic design ideas of new banknote series.