KARACHI: The State Bank of Pakistan’s (SBP) Banking Services Corporation (SBP BSC) issued fresh currency notes worth Rs114.23 billion to commercial banks in the country during the month of Ramazan. SBP BSC field offices issued fresh notes of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000 and Rs5,000 denominations amounting to Rs3.50 billion, Rs1.95 billion, Rs2.85 billion, Rs7.63 billion, Rs27.25 billion, Rs 67.28 billion and Rs3.77 billion respectively. SBP BSC fully utilised the large network of over 10,000 branches of commercial banks for distribution of fresh notes to general public during the month. SBP had advised banks not to issue bundles of small denominations (Rs10 to Rs100) of fresh currency notes, as they can be sold in the market on premium. The SBP warned banks that it will impose fines of Rs100,000 per wrapped bundle (10 packets) and Rs 50,000 per five packets (in serial) of fresh currency notes found on sale in the market.
Published in The Express Tribune, August 18th, 2012.