ISLAMABAD – It’s common practice for State Bank to issue new currency notes in Pakistan on occasions like Eidul Fitr. The new currency notes are issued to facilitate the public in exchanging old notes with new ones, for Eidi to young ones during festivities.
Sources familiar with the development revealed that the central bank will not issue new currency notes for public this year like the previous two Eids.
The State Bank’s decision not to issue new currency notes will likely to disappoint people who were visiting commercial banks to obtain them.
Ahead of Eid, private banks are not offering new currency notes to public citing State Bank’s policy
Amid SBP’s stern move, currency mafia is operating and selling bundles of new notes in black market near State Bank Building.
The central bank is expected to announce its decision in this regard in the coming days. In previous years, Pakistanis saw black market of banknotes which were being sold at exorbitant prices amid rising demand. Dealers mostly charge Rs200-300 on a bundle of Rs10 notes.
Pakistan to print new currency notes with updated design; Check all updates here
