State Bank Clarifies Misunderstanding on Art Competition Designs for New Banknotes
The SBP stressed that the competition was intended to encourage local artists
The State Bank of Pakistan (SBP) in a statement addressed confusion surrounding the designs from its recent art competition, clarifying that these are not the shortlisted options for the upcoming banknote series.
The SBP explained that the actual designs will be developed by renowned international firms, chosen through a competitive bidding process, with design proposals expected by December 2024.
Once approved by the SBP Board, the finalized designs will be submitted to the Federal Government for final approval in January 2025.
This clarification follows misinterpretations by some media outlets and the public, who mistakenly believed the art competition winners were selected for new currency designs.
The SBP stressed that the competition was intended to encourage local artists and engage the public in the design process, in line with global standards.
