Fresh banknotes worth Rs. 168 billion issued by SBP

  • Last year, Rs.161 billion were issued on Eidul Azha
  • Despite successful testing on Eidul Fitr, no online system has been put in place on Eidul Azha
Business

KARACHI – The State Bank of Pakistan SBP has issued fresh currency notes worth Rs. 168 billion on Eid ul Azha.

A statement issued by the SBP on Thursday said that to meet the increasing demand for fresh banknotes on the occasion of Eid-ul-Azha 2017, SBP Banking Services Corporation (SBP BSC) made elaborate arrangements with a focus to cover maximum stakeholders including the general public.

The SBP issued fresh banknotes of Rs. 168 billion as compared to Rs.161 billion issued on previous Eid-ul-Azha.

This included lower denomination notes (up to Rs.100) of Rs. 8 billion and higher denomination banknotes (Rs.500 and above) of Rs. 160 billion, which is meant for heavy payments & ATM needs of commercial banks, in the backdrop of excessive spending by commoners for sacrificial animal.

To ensure maximum issuance, all 16 field Offices of the SBP BSC issued fresh notes to the general public from its counters before Eid-ul-Azha.

In addition to this, the commercial banks were also issued lower denomination fresh bank notes worth Rs. 7 billion to disburse the same to the public and their accounts holders, it was further pointed out.

Interestingly, no online system has been put forth on the occasion of Eidul Azha, contrary to Eidul Fitr.