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SBP issued fresh currency notes of Rs 154 bln in Ramazan

August 5, 2014

State Bank of Pakistan issued fresh currency notes of Rs 154 billion during the month of Ramazan to cater to the high demand from general public for fresh currency notes on the occasion of Eid-ul-Fitr.

A statement issued by State Bank here on Monday said that SBP’s Banking Services Corporation (BSC) fully utilized the extensive network of commercial bank branches across the country and issued fresh notes to all commercial banks in good numbers.

In addition to this, the SBP BSC also established its own counters in 150 designated branches of commercial banks from which, fresh currency notes to general public were issued. These branches were selected from all across Pakistan ensuring maximum geographical coverage and population.

Moreover, keeping in view the higher demand of fresh banknotes on this occasion and to further facilitate the public in having fresh notes, all 16 field offices of the bank also issued fresh notes to the general public from its counters during last three working days of Ramazan.

Under these arrangements, fresh notes worth Rs 20,000 each were issued to all members of general public against showing of their CNIC/smart cards.

Besides, meeting public demand for small denomination currency notes, SBP BSC offices also issued higher denomination currency notes i.e. Rs 500 and above in sufficient quantity to commercial banks ensuring uninterrupted operation of their ATM machines throughout Eid holidays.

The cumulative issuance of fresh currency notes by SBP under all above noted arrangements remained at Rs.154 billion. Out of this Rs 31 billion comprised lower denomination notes up to Rs 100. Whereas, the currency notes worth Rs 123 billion of higher denomination were issued for meeting ATMs needs of commercial banks.

It should be noted that during Eid-ul-Fitr 2013 the total issuance was at Rs 139 billion.

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Source: Balochistan Times (Pakistan)

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