If the collection of fresh currency notes for Eidul Fitr is any criterion, the crises-hit people of Pakistan have upheld religio-cultural traditions setting aside economic odds like the ever-present inflationary pressures that had broken their back during the holy month of Ramazan.
Inflation, which can best be defined as a speed of price hike, which is ranging in the country between 7.88 and 8.26 per cent, the values-conscious elders distributed a huge amount of Rs 154 billion as “Eidi” among their youngsters during the three-day Eid festival that fell on the 29th, 30th and 31st of July this year.
Last year, the central bank recalled, the amount disbursed was Rs 139 billion. This shows that this year Pakistanis gave away Rs 15 billion or 10.7 per cent more “Eidi” than 2013.
Fresh currency notes, according to State Bank of Pakistan (SBP), were in “high demand” this year from the general public on the eve of Eid.
Of the total Rs 154 billion issued, at last Rs 31 billion were of lower denomination bills up to Rs 100. While, the central bank issued higher denomination currency notes, worth Rs 123 billion, to meet ATMs needs of the commercial banks.
Zeeshan Jaffery, a public relations executive from Gulshan-e-Iqbal, estimated to have given away “Eidi” in excess of Rs 11,000. “This (amount) was almost equivalent to that of last year,” he said.
Zeeshan cited the monetary giveaway (Eidi) as a religious tradition that, he views, makes the children feel happy.
Saeed Ahmed, member of lower middle class from Keamari, spent about Rs 3,000 to please the Eidi demanding kids of his expanded family. “Eid cost me around Rs 1,000 more this year. But I think it is good as it makes children happy. We too were children once,” said the rent-a-car proprietor.
The family kids of Talha Anwar took out some Rs 8,000 from the celebrator’s pocket this Eid. “This is given out of tradition on Eid occasion,” commented Talha, a public servant from city’s Buffer Zone neighbourhood.
For him, 2014 was quite expensive in terms of “Eidi” costing him at least Rs 5,000 more than last year, when he was unmarried. “I was a bit stingy but my spouse convinced me to give more Eidi,” the government official said.
These extra thousands were happily spent despite the ever-present inflationary pressures that, though in single-digit, are still haunting the masses, especially working class.
Economic observers recorded the Consumer Price Index inflation at 7.88 per cent during last month in July compared to 8.26 per cent in the same month of 2013.
In July, which marked the holy month of Ramazan, the price hike grew by 1.7 per cent. “The increase is mainly attributed to higher food prices due to Ramazan,” viewed Topline analyst Zeeshan Afzal.
“Yes, inflation was too high in Ramazan,” said Zeeshan and was seconded by Saeed and Talha. For current FY15, the CPI is expected to range between 8.0 and 8.5 per cent.
Having supplied fresh currency bills “in good numbers” to the commercial banks, the State Bank to cater the high public demand set up its own counters in 150 designated branches of the commercial banks to serve the masses.
Besides, the regulator also mobilised all of its 16 field offices for the issuance of fresh notes during last three working days of Ramazan.
