New currency notes being sold in black market
State Bank of Pakistan could not provide new currency notes to banks on Eid in Lahore but new currency notes are being sold in front of SBP building black.
According to details, due to high public demand, State Bank of Pakistan provides new currency notes to the banks on Eid but this time around SBP had decided not to provide new currency notes to banks forcing the public to purchase new notes in black from outside SBP itself
As per our news correspondent, new Rs 10 notes are being sold for more than Rs 300, new Rs. 20 notes sold for over Rs. 350, new Rs 50 notes sold for more than Rs 250 and new Rs 100 notes are being sold for more than Rs 250.
It is pertinent to mention the SBP decision of not providing new currency notes was taken as a precautionary measure against the spread of COVID-19.
As per the Central Bank’s circular dated May 4th, 2020, the Bank's COVID-19 committee chaired by DG (Banking & FMRM) in its meeting held on April 29, 2020, has decided NOT to issue fresh notes to the general public and employee and Its subsidiaries on the occasion of Eid-ul-Fitr 2020.