KARACHI:
The Rs75 banknotes were introduced by the State Bank of Pakistan (SBP) to commemorate the 75th anniversary of our nation’s independence. Despite the bank’s efforts to inform the public and warn of potential fines for non-acceptance, these unique notes have failed to gain popularity or acceptance among the citizens.
It is crucial to understand the reasons behind this hesitancy to address the issue. Firstly, the lack of awareness about the significance and legal tender status of the new notes might be a contributing factor. While the SBP has made efforts to inform the public through various channels, including media campaigns and public service announcements, more needs to be done. Secondly, the apprehension surrounding the fines associated with refusing the new greenbacks could be creating a sense of fear among the public. While penalties might have been intended as a deterrent to encourage acceptance, they seem to have unintentionally heightened suspicion and scepticism. It is also possible that the public finds the design of the notes unfamiliar or less appealing compared to the traditional currency notes they are accustomed to. Conducting surveys and seeking public input on the design and aesthetics of the new notes could help address this concern and ensure wider acceptance.
The SBP should intensify its efforts to educate the public about the new currency and its significance through more frequent and targeted campaigns on various media platforms. The communication strategy should focus on dispelling any misconceptions about the fines associated with non-acceptance. The SBP must collaborate with businesses, retailers, and financial institutions to encourage the acceptance and circulation of the new greenbacks. By adopting these measures, we can foster a sense of national unity and pride while ensuring the successful integration of the new greenbacks into our economy.
Shahzad Hussain
Islamabad
Published in The Express Tribune, May 18th, 2023.
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