On Tuesday, the State Bank of Pakistan (SBP), denied Shortage of New Currency Notes.
The State Bank of Pakistan (SBP) angrily denied rumours of a banknote scarcity on Tuesday, declaring that it is busily printing fresh money notes along with the Eid-ul-Fitr celebrations. In a thorough statement, the central bank underlined its continuous efforts to satisfy the demand for new banknotes, preserving its regular practice of guaranteeing public availability during the Christmas season.
The SBP clarified that commercial banks receive fresh money notes from the SBP, which they then distribute over their national chain of branches. To provide overall public access ahead of Eid-ul-Fitr, the central bank has thus far supplied fresh banknotes valued at Rs27 billion across several sectors to over 17,000 commercial banks.
The SBP also assured that during the festive season, its ATMs will keep enough of premium banknotes stocked. It has imposed policies to guarantee flawless operation of the ATM network, therefore enabling continuous access to fresh money for the whole population.
The central bank also said that to supervise the distribution process, it had sent cash monitoring teams throughout the nation. These teams visit commercial bank locations for on-site inspections to ensure that newly produced banknotes are available and correctly distributed to clients.
Moreover, the SBP revealed its continuous initiatives to improve the security and integrity of monetary notes. This included stressing a significant improvement to its paper machinery, for which a German company received a Rs3.4 billion project. This project seeks to modernize new banknote designs, therefore supporting the SBP’s dedication to raising the quality of money and guarding against counterfeit notes.
The SBP reassured the people that there is no need to panic about a shortage during the Eid celebrations since all required actions are in place to guarantee a seamless and effective issuing of fresh banknotes.
