State Bank issues new currency notes worth Rs249bn for Eid

State BankKARACHI: State Bank of Pakistan’s (SBP) Banking Services Corporation issued Rs249 billion worth of fresh currency notes to meet the increasing demand on the occasion of Eidul Fitr.

To meet this demand, Banking Services Corporation had made special arrangements with a focus to cover maximum stakeholders including the general public. Fresh banknotes worth Rs249 billion were issued this year, as compared to Rs154 billion issued last year.

According to details, the cumulative issuance of fresh banknotes by SBP under all arrangements stood at Rs249 billion. Out of this approx Rs31 billion comprised lower denomination notes of up to Rs100, while banknotes worth approximately Rs218 billion of higher denomination were issued for meeting heavy payments requirements and ATM needs of commercial banks.

In order to ensure maximum issuance, all 16 field offices of SBP’s Banking Services Corporation issued fresh notes to the general public from its counters during the month of Ramazan. In addition to this, SBP had established its own counters in 150 designated branches of commercial banks.

Through these two sources, fresh banknotes valuing Rs12 billion were issued. Moreover, the extensive branch network of commercial banks available across the country was fully utilised and was provided with fresh banknotes worth Rs16 billion of lower denomination for onward dissemination to their accountholders and walk-in-customers.

Apart from the traditional modes of issuance, this year SBP in coordination with Pakistan Banks Association (PBA) introduced using of Short Code service, on experimental basis for distribution of fresh notes.

An overwhelming response was received to this initiative and it was able to cater to approximately 200,000 people in a week from 150 e-branches in 28 cities.

This resulted in issuance of more than 93 million notes of lower denomination valuing approximately Rs3 billion to the general public through this medium.

Besides, meeting public demands for small denomination currency notes, SBP also issued higher denominations currency notes of Rs500 and above valuing Rs218 billion to the commercial banks and also advised them to ensure uninterrupted operation of their ATM machines during Eid holidays.

This year, State Bank, in collaboration with the Pakistan Banks’ Association, had introduced an SMS service for the issuance of fresh currency notes to public.

The move was aimed at facilitating the public in acquiring new currency notes for Eidul Fitr.

The fresh notes were made available from branches of nominated commercial banks called ‘e-branches’ from July 8.

Categories: Business

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