Karachi: The State Bank of Pakistan (SBP) recently unveiled the winners of an art competition aimed at gathering design ideas for a new series of banknotes. The competition, which commenced in January, sought to incorporate public and local artists’ input into the banknote design process, reflecting international best practices. However, the announcement has been met with confusion and misinterpretation regarding the actual selection process for the new banknotes.
According to State Bank of Pakistan, the art competition was organized to foster creativity among local artists and to publicly acknowledge their talent with monetary rewards. The entries were reviewed by a distinguished panel of artists, and winners were declared on September 5, 2024. One notable winning entry showcased the theme of religious diversity, depicting various religions practiced within the country. This particular design, however, led to misunderstandings among some people, who perceived it as favoring a specific religion. The SBP clarified that the selection was purely based on artistic quality and the depiction of diversity.
The bank has emphasized that the designs which won in the competition are not the final choices for the new banknotes. Instead, the actual designs for the upcoming series are being crafted by internationally recognized firms, who were selected through a rigorous competitive process. These firms are expected to submit their proposals by December 2024. The finalized designs will be approved by the SBP Board and subsequently submitted to the Federal Government for final approval in January 2025. Following government approval, the SBP will commence the printing of the new banknote series.
The SBP’s initiative reflects a commitment to modernizing its banknotes while involving public participation in the creative aspects of the design. The bank also aims to clear up any public misconceptions about the process, reinforcing that the competition was a separate endeavor to celebrate artistic contributions rather than to finalize the new banknote designs.