ISLAMABAD – State Bank of Pakistan (SBP) has decided against issuing new currency notes ahead of Eidul Fitr this year, hampering the celebrations of children.
The country’s central bank has stopped the issuance of new currency notes on major Islamic festival after the Covid-19 pandemic as the country is facing worst economic crisis in recent years while the threat of default looms amid increasing external debt payments, dilapidating foreign exchange reserves, and stalled International Monetary Fund programme.
The non-issuance of new banknotes will create a black market for crisp currency notes. Many people are aware of the situation as dealers raked gains by charging exorbitant prices amid rising demand. In previous years, an amount of Rs200-300 was charged on a bundle of Rs10 notes.
Before the pandemic and crisis, State Bank used to issue fresh currency notes, and citizens got these by simply sending a message.
New currency notes are high in demand for Eidee, a tradition in Muslim countries in which elders gave money to children on Eidul Fitr.
