KARACHI, Sept 29: The State Bank of Pakistan has so far supplied Rs54.6 billion fresh currency notes during the current month, but the demand is still high and the rate in black market is rising.

The central bank data released here on Monday showed that the printing of fresh currency notes totalled Rs54.631 billion during September 2008.

SBP Governor Dr Shamshad in a statement said the SBP was making all-out efforts to provide fresh currency notes to general public on the occasion of Eid festival.

Fresh notes are being issued from more than 8,000 branches of banks in addition to 16 Field Offices of the SBP.

She said that under a well defined policy as per arrangements, one packet each of Rs5 and Rs10 denomination notes (100 pieces) were being provided to every person against presentation of original CNIC.

From September 3 to September 27, the State Bank has provided 356 million pieces worth Rs41.756 billion of fresh currency notes of various denominations to the banks for distribution amongst the general public from their branches in addition to Rs13 billion fresh notes issued from SBP Field Offices.

“Judging from the demand of the fresh currency notes, it is expected that the total number of pieces of fresh notes to be provided to the general public will be much more than that of the last year,” said the SBP.

In order to ensure equity and fair play in the matter of provision of currency notes to the general public by banks, various measures have been put in place by the SBP which include on the spot investigation of various branches of banks, mystery shopping of fresh notes from the market.

Banks found violating the SBP instructions were levied heavy fines, said the SBP statement.

Regarding the sale of fresh currency notes in the black market she stressed upon the need on the part of law enforcement agencies to take effective measures to curb this practice.