New currency notes: Black market forces people to pay extra as banks fail to deliver
Blackmailers force parents to pay extra for traditional "Eidi" in new notes: Bundle of Rs10 notes being sold for Rs1500, and Rs100 bundle for Rs11500 in Karachi:
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As Eid-ul-Fitr approaches, the illegal trade of fresh currency notes has reached new heights in Karachi’s black market, 24NewsHD TV Channel reported on Wednesday.
The channel reported that despite the State Bank of Pakistan's (SBP) ensuring fresh note distribution, citizens, especially parents, are forced to buy them for their kids' Eidi at exorbitant rates from street vendors and black market dealers.
Fresh notes rates in black market
According to TV channel reports, new currency note bundles are being sold at a premium in Karachi’s Bolton Market and other areas.
Rs. 10 note bundle (value Rs. 1,000) → Sold for Rs 1,500
Rs. 20 note bundle (value Rs. 2,000) → Sold for Rs 2,500
Rs. 50 note bundle (value Rs. 5,000) → Sold for Rs 6,000
Rs. 100 note bundle (value Rs. 10,000) → Sold for Rs 11,500
Frustrated citizens complain that despite standing in long queues at banks, they are unable to obtain fresh currency notes, forcing them to buy from black market dealers at inflated rates just to make their children happy on Eid.
State Bank denies shortage, ensures availability
It is worth mentioning that on March 18, 2025, the State Bank of Pakistan (SBP) dismissed rumours of a fresh note shortage, confirming that it had already distributed Rs 27 billion in crisp currency notes to commercial banks nationwide.
The SBP reassured the public that fresh notes are available for the public at 17,000 bank branches across Pakistan, and banks and ATMs will remain stocked with crisp currency notes during Ramadan 2025.
The State Bank of Pakistan has also deployed cash monitoring teams to ensure smooth and fair distribution, preventing any artificial shortages.
Furthermore, SBP has directed banks to keep ATM services uninterrupted during the Eid holidays, ensuring the availability of fresh and clean notes to the public.
Banks have been instructed to ensure fair distribution of new notes through their nationwide branch network, SBP added.
The State Bank of Pakistan’s teams will oversee the process to prevent any irregularities, ensuring that people can get new notes without hassle.
However, citizens demand stricter enforcement against black marketers, urging the government to prevent hoarding and ensure easy access to fresh notes.
Reporter: Kawish Memon