In Pakistan, it has been a customary practice for the State Bank to release fresh currency notes during festive occasions like Eidul Fitr. These new notes serve the purpose of facilitating the public in exchanging old currency for new ones, particularly for the tradition of giving Eidi to the younger generation amidst celebrations.
However, sources familiar with recent developments disclosed that the central bank has opted not to issue new currency notes to the public for this year’s Eidul Fitr, unlike the practice observed during the previous two years.
This decision by the State Bank is expected to disappoint individuals who traditionally visit commercial banks ahead of Eid to obtain fresh currency notes for the festivities.
Private banks, aligning with the policy of the State Bank, are refraining from providing new currency notes to the public in anticipation of the Eid celebrations.
In light of the State Bank’s firm stance, reports indicate the emergence of a currency black market near the State Bank Building, where bundles of new notes are being sold by illicit operators.
It is anticipated that the central bank will formally announce its decision regarding this matter in the upcoming days. In past years, Pakistanis witnessed the proliferation of a black market for banknotes, where they were traded at significantly inflated prices due to soaring demand. Typically, dealers would charge Rs200-300 on a bundle of Rs10 notes.
