ISLAMABAD — Fresh Pakistani currency notes meant for Eid-ul-Fitr distribution are being sold in black markets in several cities despite assurances from the State Bank of Pakistan (SBP) that banks would ensure their availability to the public.
Reports from major urban centers indicate that traders and street vendors have begun selling bundles of newly issued banknotes at inflated prices as demand rises ahead of the festive season.
Black Market Activity Reported in Major Cities
Outside commercial markets and bank branches in cities including Karachi, Lahore, and Rawalpindi, vendors are offering crisp currency notes commonly used for Eid gifts, known locally as “Eidi.”
Small bundles of new notes are reportedly being sold at prices higher than their face value. For example, a pack of fresh Rs10 or Rs20 notes worth Rs1,000 may be sold for Rs1,200 to Rs1,400, allowing traders to make quick profits from seasonal demand.
Such practices have been reported every year before Eid, when families look for fresh banknotes to give to children and relatives.
SBP Says Banks Have Adequate Supply
The State Bank of Pakistan has stated that commercial banks receive sufficient quantities of fresh currency notes before Eid to distribute among customers through their branches.
Officials say the central bank supplies the notes to banks, which then issue them directly to the public. Authorities maintain that the system aims to ensure fair distribution and prevent middlemen from exploiting demand.
However, despite these assurances, many citizens say it remains difficult to obtain fresh notes from banks, forcing them to turn to unofficial sellers.
Public Complaints About Limited Access
Bank customers in several cities report that fresh notes are either unavailable or distributed in very limited quantities at branches. As a result, some people choose to purchase the notes from roadside traders rather than wait in long queues.
Economists say the situation highlights gaps in the distribution system, which allows intermediaries to acquire fresh notes and resell them at higher prices.
SBP Urged to Tighten Monitoring
Financial observers say authorities need stronger monitoring to stop the illegal trade of new currency notes during the Eid season.
Pakistan’s central bank periodically introduces new banknotes and enhanced security features to maintain currency integrity and reduce misuse.
However, the recurring black-market sale of fresh notes shows that seasonal demand and limited distribution continue to create opportunities for unauthorized traders.
With Eid approaching, citizens are urging banks and regulators to ensure wider public access to fresh currency notes so that the practice of selling them at inflated prices can be curbed.