SBP issues Rs363bln worth of fresh banknotes for eid

KARACHI: The State Bank of Pakistan (SBP) issued fresh banknotes amounting to Rs363 billion to banks as well as people at large for Eid-ul-Fitr, a statement said on Friday. Of that total amount, Rs53 billion worth of crisp currency notes were directly supplied to the general public ahead of the big day. The central bank said it supplied these banknotes through its 16 field offices of its subsidiary SBP Banking Services Corporation (SBP BSC).

For the issuance of fresh currency, the SBP had launched a mobile short messaging service (SMS) which was available for citizens from June 1 through June 14. The SMS service was operated across 132 cities through more than 1,500 commercial banks’ branches and 16 field offices of SBP BSC. The service was used by more than 2.2 million people before Eid-ul-Fitr, a 50 percent increase from the last year.

Moreover, a sufficient quantity of fresh notes of higher denominations was also issued to banks for smooth operations and availability of cash in ATMs during and before Eid holidays. For this purpose, special teams of SBP and SBP BSC officials were deputed to inspect and monitor the working of ATMs across Pakistan, which ensured uninterrupted availability of cash to the general public during Eid holidays.