KARACHI: This year the State Bank of Pakistan (SBP) has decided against printing new currency notes during Eidul Fitr. The central bank has chosen to abandon its usual practice of issuing new currency notes during Eid al-Fitr.
This decision is expected to raise a stir among the people, who are eagerly awaiting the new notes for their Eid festivities.
The central bank’s decision represents a break from the norm seen over the last two Eids. The revelation has disappointed many people, particularly those who had been visiting commercial banks in anticipation of the new notes.
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As Eid-ul-Fitr approaches, private banks citing the State Bank’s policy as the cause have likewise declined to distribute new currency notes. This has resulted in the formation of a currency mafia that is profiting from the situation by selling new note bundles in the black market, located near the State Bank Building.
The central bank has yet to make an official notification about this development. Historically, the black market has seen a boom of activity around this period, with banknotes being traded at exorbitant prices due to strong demand. Dealers often charge an additional Rs 200-300 for a bundle of Rs 10 notes.