In a bid to revamp the country’s currency, the State Bank of Pakistan (SBP) recently announced an art competition for the design of new banknotes. The competition, which kicked off in January 2024, aimed to tap into the creative potential of local artists and engage the public in the design process. However, the announcement of the competition’s results sparked controversy and misinterpretation, prompting the SBP to issue a clarification.
The art competition was a unique initiative that sought to celebrate Pakistan’s rich cultural heritage and showcase its diversity. The SBP received an overwhelming response, with numerous entries pouring in from across the country. A panel of judges, comprising renowned art experts and designers, carefully evaluated each entry, selecting the top designs based on artistic merit.
One of the winning entries, which depicted religious diversity by highlighting various religions practiced across Pakistan, sparked controversy. Some individuals mistakenly believed that the design was promoting a specific religion, prompting the SBP to issue a clarification. The central bank emphasized that the artwork was selected purely on artistic merit and its portrayal of religious diversity, without any ulterior motives.
The SBP’s clarification brought much-needed transparency to the process, ensuring that the public was informed and engaged throughout the journey of creating new currency notes. The central bank emphasized that the winning designs from the art competition were not part of the official process for finalizing the new currency notes. Instead, reputed international firms, selected through a competitive process, are tasked with designing the new banknote series.
These firms are expected to submit their design proposals by December 2024, after which the SBP Board will review and approve the finalized designs. The approved designs will then be forwarded to the Federal Government for final approval by January 2025, following which the printing process will commence.
The introduction of new currency notes is a significant milestone in Pakistan’s economic journey. The new notes will not only feature enhanced security features but also showcase the country’s rich cultural heritage. The design process, which has been shrouded in controversy, is a testament to the SBP’s commitment to transparency and public engagement.
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