SBP clears confusion on new rupee design

Some members of the general public have seemingly misunderstood the new banknote series art competition, but the State Bank of Pakistan (SBP) clarified that it announced the results only to honor and commend the artists and participants.

The central bank had announced an art competition to gather ideas for the new banknote series’ themes in January 2024, according to a statement released on Thursday.

A panel of well-known artists judged the artwork that the local artists submitted, and on September 5, 2024, the winning pieces of this competition were announced. A portion of the public and media have taken the revelation of the art competition results to mean that a shortlist of designs for the next banknote series has been revealed.

According to the SBP, the announcement of the art competition results was made purely to recognize and reward the artists’ efforts with cash rewards. One of the winning designs, according to the statement, showcased the variety of religions practiced in the nation. “Some segments of the public wrongly interpreted it as an attempt to project a particular religion.”

The central bank made it clear that the art committee solely considered the design’s artistic merit and the issue of religious plurality when choosing the winning design. It is made clear that the designs for the banknotes that were chosen for the new series are not the ones that made the short list.

Reputable worldwide businesses chosen through a competitive procedure are designing the projected new series’ real designs.

The companies will submit their design concepts by December 2024, and by January 2025, the federal government will get the finished designs that have been properly authorized by the SBP Board.

After receiving clearance from the federal government, the SBP would start the printing process for the new currency series.