SBP issues statement on shortage of new currency notes

SBP issues statement on shortage of new currency notes

In response to circulating rumors about a potential shortage of new currency notes ahead of Eid-ul-Fitr 2025, the State Bank of Pakistan (SBP) has issued a statement refuting these claims. The central bank emphasized its commitment to maintaining the tradition of providing fresh banknotes to the public during the festive season.

SBP's Commitment to Issuing Fresh Banknotes

The SBP has reiterated its longstanding practice of issuing new currency notes to commercial banks on the occasion of Eid-ul-Fitr. This initiative leverages the extensive branch networks of these banks to facilitate public access to fresh banknotes. As of now, the SBP has issued Rs27 billion worth of fresh banknotes of various denominations to approximately 17,000 branches of commercial banks nationwide for onward distribution to the general public.

Ensuring ATM Functionality and Cash Availability

To ensure the efficient distribution of fresh banknotes and their availability at all commercial bank branches, the SBP has deployed cash monitoring teams to conduct onsite inspections. These teams are tasked with ensuring the disbursement of fresh banknotes to the general public.

Addressing Public Concerns and Misinformation

The SBP's statement comes in the wake of rumors suggesting a potential shortage of new currency notes for Eid celebrations. Such rumors have historically led individuals to seek new notes from the black market, where currency traders sell them at higher prices during Eid. The central bank's clarification aims to dispel these misconceptions and assure the public of the availability of fresh currency notes through official channels.

Future Plans for New Currency Designs

In addition to addressing the current issuance of fresh banknotes, the SBP has outlined plans for introducing new currency designs. Earlier this year, SBP Governor Jameel Ahmad announced that the central bank would issue the first new currency note in the second half of 2025, replacing existing notes sequentially. This initiative aims to enhance the security features of Pakistani banknotes and align them with international standards.

Public Advisory

The SBP advises the public to obtain fresh currency notes directly from official banking channels to avoid potential exploitation in the black market. By utilizing the services of commercial banks and ATMs, individuals can ensure they receive authentic and crisp banknotes for their Eid festivities. The central bank remains committed to facilitating the public's cash needs during significant occasions and encourages citizens to rely on official communications for accurate information.

In conclusion, the State Bank of Pakistan has taken comprehensive measures to ensure the availability of fresh currency notes ahead of Eid-ul-Fitr 2025. The public is encouraged to utilize official banking channels to obtain new banknotes and to remain vigilant against misinformation regarding currency availability.