SBP issues Rs27bn fresh banknotes to public for Eid

KARACHI: The central bank has issued Rs27 billion in fresh banknotes of all denominations to commercial bank branches for distribution to the public for Eidul Fitr, refuting reports that it is not issuing fresh notes, a statement said on Tuesday.

The State Bank of Pakistan (SBP) said it continues its longstanding practice of issuing fresh banknotes to commercial banks on the occasion of Eidul Fitr, leveraging their extensive nationwide branch networks to facilitate public access to fresh banknotes.

“Keeping with the practice, the SBP has so far issued Rs27 billion in fresh banknotes of all denominations to 17,000 branches of commercial banks for onward distribution to the general public. Likewise, arrangements have also been made to ensure that ATM networks of banks issue uninterrupted, good-quality banknotes to people during the festive season,” the SBP said.

“To ensure the efficient distribution of fresh banknotes and their availability at all commercial bank branches, the SBP has also deployed their cash monitoring teams to conduct onsite inspections, ensuring disbursement of fresh banknotes to the general public,” it added.