The State Bank of Pakistan (SBP) clarified that the winners of the art competition for banknote designs, announced on September 5, are not the shortlisted designs for the new currency series.
In a statement, the SBP explained that the art competition, which began this year, was intended to gather thematic design ideas for 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.
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The competition’s purpose was to acknowledge and reward the artists’ efforts with monetary prizes. The international firms tasked with creating the new currency notes will submit their design proposals by December 2024.
Once approved by the SBP Board, the final designs will be sent to the 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 added.