KARACHI: The State Bank of Pakistan has declared that reputable foreign organisations chosen through a competitive process are designing the proposed new series of banknotes, and they will present their suggestions by December 2024.

It made it clear that the banknote designs that won an art competition were not the ones that were chosen for the new series, saying in a statement that “the finalised designs, duly approved by the SBP board, will be submitted to the federal government for approval by January 2025.”

The SBP said that it had announced an art competition for thematic design concepts in January of this year, marking the beginning of the process for creating the new banknote series. It emphasised that the competition’s goals were to support regional artists and involve the public in the design process in accordance with global best practices.

A jury of well-known artists judged the entries that the local artists submitted, and on September 5, 2024, the winning entries were revealed. The central bank further stated that some members of the public and media perceived the announcement of the art competition results as the selection of the winning designs for the upcoming series of banknotes.

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

According to the statement, one of the winning designs showcased religious diversity and the various faiths practiced in the nation, but some members of the public mistook it for an attempt to promote a specific religion.