The State Bank of Pakistan (SBP) has announced that new currency notes will not be produced on the eve of Eidul Fitr due to the country’s increasing economic crisis.
The central bank previously stated that the public could order new currency notes through SMS on the eve of Eid, but that they will not be issued this time.
In Pakistan, on the eve of the festival, older relatives utilize fresh cash notes to give Eidi to children as part of the festivities.
The SBP has given no justification for the move, although it comes as the SBP’s foreign exchange reserves continue to fall while the IMF loan programme is delayed.
No new currency notes will be issued this Eidul Fitr, announced SBP.
Total liquid foreign #reserves held by the country stood at US$ 9.56 billion as of April 07, 2023.
For details https://t.co/WpSgomnKT3 pic.twitter.com/Tihc59704Q— SBP (@StateBank_Pak) April 13, 2023
The State Bank of Pakistan (SBP) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was Nationalized and the scope of its functions was considerably enlarged.
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The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four Provincial Capitals Lahore, Karachi, Peshawar, Quetta.
