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Pakistan issues fresh notes for Eid

Business Finance

IANS  |  Islamabad 

The State Bank of Pakistan (SBP) issued fresh and crisp notes worth $3 billion to mark the occasion of Eid-ul-Fitr

Gifting cash money to the younger members of the family by their elders is a deep-rooted tradition in Pakistan during Eid celebrations, Xinhua news agency reported.

The practice compels the government to release fresh notes of various denominations each year.

The demand for the new currency notes this year rose 50 per cent as compared to last year, the SBP said in a statement.

Tahir Muhammad Khan, a manager at a private bank, told Xinhua that earlier people would wait in lines to withdraw the new notes.

But this year the SBP in collaboration with the Pakistan Banks Association introduced an SMS service for issuance of the notes, he added.

Eid-ul-Fitr in Pakistan is celebrated for three days consecutively.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, June 18 2018. 15:16 IST