SBP issues Rs154bn fresh notes on Eid

Karachi: State Bank Of Pakistan Monday said to cater to the high demand of general public for fresh currency notes on the occasion of Eid-ul-Fitr 2014, SBP BSC fully utilized the extensive network of commercial bank branches available all 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 the 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 Ramadan. 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 & above in sufficient quantity to the 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 of lower denomination notes up to Rs.100, while, 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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