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State Bank notice on quarantined cash

Business

May 5, 2020

KARACHI: The State Bank of Pakistan on Monday asked banks to use the quarantined cash that has completed the 14 days quarantine period.

“Consequently, the credit given to banks on account of quarantined cash would be reversed on the fifteenth (15th) day from each reported date,” the SBP said in a circular.

The SBP, in a previous circular issued on March 23, had directed all banks to disinfect, seal and quarantine the cash collected from hospitals and clinics.

The banks were given credit for all such cash so quarantined and kept on behalf of the SBP.

The central banks’ practices on the matter have been reviewed which indicate that quarantine of cash for 14 days was sufficient to disinfect the banknotes, which could then be put back into circulation, it said.

Similarly, the World Health Organization has also advised that the life of the virus on porous surfaces (such as paper banknotes) was lower, compared to other hard surfaces, it added. Meahilwhile, the SBP’s COVID-19 committee decided not to issue fresh notes to the general public and employees, former employees of SBP, and its subsidiaries on occasion of Eidul Fitr 2020.