State Bank Clarification
In 2024, the State Bank of Pakistan initiated a comprehensive project to introduce a new series of banknotes, sparking significant public interest. The process, however, has led to some misunderstandings about the timeline, designs, and the role of local artists in the creation of these Banknote. Recently, the State Bank of Pakistan (SBP) issued a detailed clarification to address these concerns and shed light on the future of Pakistan’s currency.
The Art Competition: Encouraging Local Talent
In January 2024, the State Bank of Pakistan launched an art competition aimed at engaging the public and local artists in the process of designing the new series of currency notes. According to the State Bank’s statement from Karachi, the primary goal of this competition was to promote local artists and showcase their talent on an international platform. The competition invited participants to submit creative designs, which were then reviewed by a committee of expert judges.
The idea behind this initiative was to involve the public in a project that would represent the culture and artistic prowess of Pakistan, as well as to foster a sense of national pride.
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Public Misinterpretation
As the art competition progressed, the results were highly anticipated. Nine local artists were shortlisted, and their designs were shared with the public. This announcement, however, led to some confusion. Several media outlets and segments of the public began interpreting the results as the final shortlisted designs for the upcoming series of new banknotes. Speculations about these designs being used for the actual banknotes began circulating widely.
In response, the State Bank of Pakistan issued a clarification to address these misunderstandings. According to the SBP, the designs submitted by local artists during the competition were not intended to be used for the new series of banknotes. The announcement of the competition results was merely a way to acknowledge the efforts of the participants and celebrate the talent of the artists involved.
Clarification on the Final Design Process
To ensure clarity, the State Bank emphasized that the final designs of the new banknote series will not be selected from the competition. Instead, leading international design firms are being involved in the design process through a competitive bidding system. These professional companies have the expertise to create currency notes that meet international security and design standards.
According to the State Bank, these international firms are currently working on submitting their proposals for the new banknote designs. The final proposals will be reviewed by the State Bank Board and submitted to the federal government for approval. This process is expected to conclude by December 2024, after which the printing of the new series of notes will begin, subject to government approval.
Final Submission and Approval Timeline
The State Bank Board will complete its review of the final designs by January 2025. Once the federal government approves the selected designs, the State Bank will begin the printing of the new banknote series. This process highlights the significant attention to detail and the time-consuming nature of creating secure and visually appealing currency notes.
Art Competition Results
Despite the misunderstanding regarding the use of the submitted designs, the State Bank’s art competition was a success in terms of promoting local talent. The shortlisted designs, while not used for the new banknotes, showcased Pakistani artistry and were well-received by the public. These artists were celebrated for their creativity, and the competition helped raise awareness about the importance of integrating culture and art into national symbols.
The State Bank reiterated that while the local artists’ designs were not chosen for the banknotes, their work served as an inspiration and a testament to the rich cultural heritage of Pakistan.
Conclusion
As 2024 moves forward, the State Bank of Pakistan has taken significant steps to ensure that the process of creating the new series of banknotes is transparent, inclusive, and secure. By involving international design firms, the State Bank aims to introduce banknotes that meet international standards while reflecting Pakistan’s national identity.
The art competition remains an important part of this journey, showcasing the immense talent of Pakistani artists. However, the actual banknote designs will be finalized by professional firms and are expected to be unveiled in early 2025. With the ongoing efforts of the State Bank, Pakistan is poised to see the release of a new, beautifully designed, and highly secure series of banknotes.