Eid rush sparks black market for new currency notes

LAHORE – As Eid-ul-Fitr approaches, seasonal purchases of clothes and shoes, as well as demand for new currency notes, have increased.

According to the report, banks are providing new notes under limited availability and strict conditions, prompting many people to turn to the open market to fulfill their needs.

In big markets and busy streets, new currency notes are being sold at significant premiums.

Reports indicate that a bundle of Rs 10 notes is being sold for Rs 1,600-17,000 while Rs 20 notes are available for Rs 2,700-2,800.

Similarly, shopkeepers in the open market are charging Rs 1,000 for bundles of Rs 50 notes and Rs 800-1,000 for Rs 100 notes.

Consumers said the new notes are an essential part of Eid gift-giving and celebrations, as old notes do not give the same festive feel when paired with new clothes and shoes.

Authorities have yet to comment on measures to control the surge in demand and curb the black market sale of currency notes.