Islamabad: As Ramadan begins, there’s a big demand for fresh cash notes for giving as gifts, known as Eidi. But getting these notes is tough because there aren’t enough to go around. This shortage has led to illegal markets popping up just before Eid ul Fitr.
For the past two years, neither the State Bank of Pakistan (SBP) nor regular banks have been giving out new notes before Eid ul Fitr. This has let illegal traders take advantage of the situation.
There’s no news yet from the central bank about changing this. So, people are forced to go to these illegal traders who charge extra for new notes.
Last year, they were charging anywhere from Rs150 to Rs1,500 extra, with the highest prices for Rs500 notes.
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Before, people could get new notes directly from the SBP or by sending their CNIC numbers through SMS and getting a code to collect the notes from banks. But since 2022, the central bank hasn’t said anything about this, leaving people unsure about what to do.