Will State Bank issue fresh currency notes

KARACHI – Pakistan’s central bank traditionally released fresh bank notes on the occasion of Eid-ul-Fitr.State Bank however has not announced the policy for the current year, as people are looking to get their hands on new currency note for Eidee, a tradition in Muslim countries in which elders gave money to children on Eid.In previous years, SBP has not issued currency notes due to the Covid pandemic but there are no restrictions in place and there is no major reason for a central bank not releasing fresh currency notes except the ongoing economic crisis.Amid the conundrum, some rumors were spread in the market that banks might flag an economic meltdown for not releasing the notes ahead of Eid 2023.The above-mentioned buzz is only rumored while central bank is expected to announce its decision in this regard in days to come. If SBP decides to issue fresh currency notes, people can get the notes by simply sending an SMS.In previous years, people witnessed black market of banknotes which were being sold at exorbitant prices amid rising demand. Dealers mostly charge Rs200-300 on a bundle of Rs10 notes.