- State Bank of Pakistan won’t issue new currency for Eid, surprising the public.
- Central bank’s decision breaks Eid currency tradition, disappoints many.
- Private banks follow State Bank’s policy, leading to emergence of currency mafia.
The State Bank of Pakistan has decided not to follow its usual practice of issuing new currency notes during Eid al-Fitr, which may surprise the public looking forward to fresh notes for their Eidi celebrations.
The central bank’s decision breaks the tradition of issuing new currency notes during the last two Eids, disappointing many who had been eagerly visiting commercial banks for the fresh notes.
Private banks are not distributing new currency notes as Eid nears, attributing their decision to the State Bank’s policy. Consequently, a currency mafia has emerged, selling new note bundles in the black market near the State Bank Building.
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The central bank has not made an official announcement about this situation. Historically, the black market experiences increased activity during this period, leading to inflated prices for banknotes due to high demand. Dealers often charge an additional Rs 200-300 for a bundle of Rs 10 notes.
