SBP issues Rs342b worth of fresh currency notes

Special teams deputed to monitor the working of ATMs during Eid holidays

KARACHI: The State Bank of Pakistan (SBP) has issued Rs342 billion worth of fresh currency notes in the current Ramazan, up 44% compared to Rs237 billion in the same month last year.



The SBP, through 16 field offices of its subsidiary SBP-Banking Services Corporation (SBP-BSC), has provided fresh cash of various denominations this Ramazan, according to a press release issued on Friday.

Of the total, commercial banks have been issued Rs40 billion in fresh currency notes of small denomination of up to Rs100 against Rs22 billion last year.

This amount includes Rs25 billion issued through the SMS service 8877 operated by the SBP-BSC through 1,002 branches of commercial banks in 120 cities and its 16 field offices in 15 cities.

"An overwhelming response has been received from the public to this service through which more than 1.5 million people got fresh notes comprising three packets of Rs10, one packet of Rs50 and one packet of Rs100," the SBP said. Last year, Rs16 billion was issued through this system.

In addition to over-the-counter service, commercial banks have been advised to ensure that fresh banknotes are made available in their ATMs during Ramazan in general and the long weekend in particular.

Special teams of the SBP and SBP-BSC officials have also been deputed to inspect and monitor the working of ATMs across Pakistan during Eid holidays.



The amount includes fresh notes of higher denomination - Rs500 and above - amounting to Rs296 billion compared with Rs211 billion issued last year.

Published in The Express Tribune, June 24^th, 2017.

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