SBP issues Rs342 billion fresh notes ahead of Eid-ul-Fitr 2017
KARACHI: The State Bank of Pakistan (SBP) through 16 field offices of its subsidiary SBP Banking Services Corporation has provided fresh cash of various denominations aggregated to Rs342 billion as against Rs237 billion issued during last Ramadan.
Of the total amount provided, commercial banks have been issued fresh notes of Rs40 billion of small denominations, up to Rs100. This amount also includes Rs.25 billion issued through SMS service 8877 operated by SBP BSC through 1002 branches of commercial banks in 120 cities and its sixteen field offices in fifteen cities.
An overwhelming response has been received from public on this service through which more than 1.5 million people obtained fresh notes comprising 3 packets of Rs10, one packet of Rs50 and one packet of Rs100. Last year, Rs16 billion was issued through this system.
In addition to issuance from over the counters commercial banks have been advised to ensure that fresh notes are supplied to their ATMs during Ramzan in general and the long weekend in particular. Special teams of SBP and SBP BSC officials have also be 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 vis-a-vis Rs211 billion issued during last year.