In a statement, the SBP explained that the actual designs for the new banknotes will be created by reputable international firms selected through a competitive process, with proposals expected by December 2024.

The finalized designs, once approved by the SBP Board, will be submitted to the Federal Government for final approval by January 2025.

The clarification comes after some media outlets and members of the public mistakenly interpreted the announcement of the art competition winners as the selection of new currency designs.

The SBP emphasized that the competition aimed to encourage local artists and involve the public in the design process, consistent with international practices.

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One of the winning designs depicted religious diversity in Pakistan, which was misinterpreted by some as promoting a specific religion.

The SBP reiterated that the selection was based solely on artistic quality and thematic relevance.