Govt Decision for Pakistan New Currency Notes 2023 Release Date this year. Will the State Bank issue fresh currency note this year for Eid 2023?
The State Bank of Pakistan (SBP) recently made an announcement stating that, unlike in previous years, they will not be issuing new currency notes for Eid-ul-Fitr in 2023.
Pakistan’s central bank has a tradition of releasing fresh banknotes on the occasion of Eid-ul-Fitr. However, this year, the State Bank of Pakistan (SBP) has not yet announced its policy for new currency notes, which has left people anxious to obtain currency for the traditional practice of giving Eidee (money) to children on Eid.
Also Check: Eid-ul-Fitr Pakistan Holidays Notification 2023
In the past, SBP refrained from issuing fresh currency notes due to the Covid-19 pandemic. Although there are currently no restrictions in place and no major reasons for a central bank to hold back from releasing new notes, the ongoing economic crisis may be a factor.
Amid this uncertainty, rumors have circulated in the market that the lack of new currency notes ahead of Eid 2023 could indicate an impending economic meltdown. However, these rumors are speculative, and the central bank is expected to announce its decision in the coming days. If SBP does decide to issue fresh currency notes, people will be able to obtain them by simply sending an SMS.
In previous years, there has been a black market for banknotes, with them being sold at inflated prices due to high demand. Dealers have been known to charge Rs200-300 on a bundle of Rs10 notes.