Eid ul Fitr 2024: Will SBP issue new currency notes this year?

With the onset of Ramadan, there’s a surge in demand for fresh currency notes of various denominations as people prefer giving them as Eidi (gifts). However, despite the high demand, the supply remains limited, leading to difficulties in obtaining notes and giving rise to illicit festive black markets just before Eid ul Fitr.

In the past two years, both the State Bank of Pakistan (SBP) and commercial banks refrained from issuing new currency notes before Eid ul Fitr, allowing the currency mafia to exploit the situation.

According to reliable sources, no decision has been made by the central bank to change this approach. Consequently, people are forced to turn to the currency mafia, which charges extra for providing fresh notes.

Last year, additional charges ranging from Rs150 to Rs1,500 were imposed on various denominations, with the highest premiums on Rs500 notes.

Previously, individuals could obtain new currency notes directly from SBP counters or through the SMS method, where they would send their CNIC numbers and receive a code to collect fresh notes from banks. However, since 2022, the central bank has maintained silence on this matter, leaving people uncertain about their options.