KARACHI, Oct 23: State Bank Governor Dr Shamshad Akhtar has ordered an inquiry into black marketing of fresh currency notes during Ramazan.

Taking notice of media reports that fresh currency notes were not available at banks' branches but with unauthorized currency dealers despite the fact that the State Bank has issued notes worth Rs63.310 billion during the holy month.

The inquiry to be conducted by a team of senior officials of the State Bank would ascertain as to how a sizeable amount of fresh currency notes has been sneaked into the open market. The State Bank would take stern action against those banks found involved in selling fresh notes to the unauthorised currency dealers who in turn have been selling notes to the general public on premium.

The State Bank would also take disciplinary action against its own employees if found involved in this unauthorised business.

The offices of the SBP Banking Services Corporation issued fresh currency notes worth Rs63.310 billion during Ramazan as compared to Rs51.648bn issued during the same period of last year, depicting an increase of Rs11.662 billion or 23 per cent.—Online