Rs 48b in fresh currency notes issued by SBP to cope with Eid demand

In light of the forthcoming three day annual Eid festival the State Bank of Pakistan (SBP) has so far issued fresh currency notes worth over Rs 48 billion, most of which would be distributed among youngsters by their elders as ‘Eidi.’
Well acquainted with this annual religo-cultural practice, the SBP on Tuesday decided to fully utilise the country’s expanded banking network by providing the elders with fresh currency notes. Over 10,000 branches of commercial banks all over the country and all field offices of the SBP Banking Services Corporation (BSC) have been tasked to distribute fresh currency bills to the general public during the holy month of Ramazan. “The SBP BSC has made elaborate arrangements for the supply of an adequate quantity of fresh currency notes, particularly of small denominations, to commercial banks depending upon their branch network,” a SBP statement revealed. The SBP BSC offices across the country had started issuing fresh currency notes from 12th of this month and would continue doing so till the last working day before Eid-ul-Fitr, the SBP statement added. Branches of commercial and micro-finance banks would also issue packets of Rs 10, 20 and 50 to the general public, account holders and corporate clients. Additionally, to facilitate the general public certain commercial bank branches in selected cities have been designated as ‘express centres’ which will freely issue fresh currency notes in abundance, where representatives of the SBP BSC will ensure efficient and transparent disbursement.