ISLAMABAD – State Bank of Pakistan officials reportedly diverted Fresh currency notes to black market brokers for huge personal profits, in another scam unearthed.
As central bank issues new banknotes every Eid and other occasions to meet high cash demand, and to support desi customs like Eidi, and ensure circulation of clean, reliable currency, a new scandal is being reported.
The report mentioned that internal memos and handwritten cash slips reveal that senior officials, including an Executive Director, are allegedly issuing bulk currency directly to private brokers. It mentioned that a broker allegedly receives large consignments of ten and twenty rupee notes under the pretext of official distributions, but these currency bills never reach public counters.
As people paid extra money to buy new notes from the market, a bundle of Rs10 notes worth Rs10,000 is now being sold for Rs16,000, creating artificial scarcity and forcing ordinary citizens to pay exorbitant premiums.
It was reported that each transaction nets officials at least Rs20Lac in kickbacks.
SBP chief was reportedly approached for the probe but no action has been taken so far raising serious questions about accountability within central bank.
