State Bank of Pakistan Banking Services Corporation (SBP BSC) made elaborate arrangements to meet the demand for fresh currency notes on the occasion of Eid-ul-Fitr. According to details, the cumulative issuance of fresh banknotes by SBP stood at Rs 249 billion, as compared to Rs 154 billion issued on previous Eid-ul-Fitr. Out of this, approximately Rs 31 billion comprised of lower denomination notes of up to Rs 100; while, banknotes worth approximately Rs 218 billion of higher denomination were issued for meeting heavy demand and ATM needs of commercial banks.
All 16 field offices of the SBP BSC issued fresh notes to the general public from its counters during Ramazan. In addition, the SBP BSC had established its own counters in 150 designated branches of commercial banks. Through these two sources, fresh banknotes valuing Rs 12 billion were issued. Moreover, the extensive branch network of commercial banks across the country was fully utilised and provided fresh banknotes worth Rs 16 billion of lower denomination for onward dissemination.
Apart from the aforementioned traditional modes of issuance, this year the SBP in coordination with Pakistan Banks Association (PBA) introduced a new method of using short code service (on experimental basis) for distribution of fresh notes. The initiative received an overwhelming response, as it facilitated approximately 200,000 people in 28 cities of the country. Through this service, more than 93 million pieces of lower denomination banknotes, valuing approximately Rs 3 billion, were issued.
Besides, in order to meet the public demand for small denomination currency, the SBP BSC offices also issued higher denominations currency notes ie Rs 500 and above valuing Rs 218 billion to the commercial banks and also advised them to ensure uninterrupted operation of their ATM machines during Eid holidays.
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