Reputed global firms designing new notes'

The State Bank of Pakistan has announced that the proposed new series of banknotes are being designed by reputed international firms selected through a competitive process and they will submit their proposals by December 2024.

"The finalised designs, duly approved by the SBP board, will be submitted to the federal government for approval by January 2025," it said in a statement and clarified that the banknote designs that won an art competition were not the shortlisted ones for the new series.

The SBP pointed out that it had initiated the process for designing the new banknote series in January this year with the announcement of an art competition for the thematic design ideas.

The competition was aimed at encouraging the local artists and engaging the public in the design process in line with the international best practices, it stressed.

The entries submitted by the local artists were evaluated by a committee of renowned artists and the winning entries were announced on September 5, 2024. The central bank added that the announcement of the art competition results was interpreted by a section of the media and public as the shortlisting of designs of the new banknote series.

"The aim of announcing the art competition results, however, 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 the different religions being practiced in the country, it said, adding that some segment of the public wrongly interpreted it as an attempt to project a particular religion.