The State Bank of Pakistan has issued an important clarification regarding the new series of banknotes.
According to the announcement by the State Bank, the designs from the art competition launched in January were evaluated by experts based on artistic, standard, cultural, and religious diversity criteria and were deemed successful, as announced on September 5.
The announcement states that the purpose of the competition was to encourage artists, and the successful artworks are not the final designs for the new banknote series.
The State Bank explained that international companies will present the designs for the new banknotes by December this year, which will then be submitted for final government approval by January next year after approval from the State Bank Board.
The State Bank further stated that the printing process for the new series of banknotes will begin following federal government approval.
Recently, the State Bank of Pakistan released the results of the competition for new currency note designs.
The State Bank noted that 10 designs submitted by 9 designers were shortlisted, and those with shortlisted designs will receive awards.
The shortlisted designs include one each for the 20, 50, 100, and 1,000 rupee notes, and two designs each for the 10, 500, and 5,000 rupee notes.
