Fresh currency notes sold above face value ahead of Eid-ul-Fitr

ISLAMABAD: The markets have started selling new currency notes at prices that exceed their actual value, which has created shopping problems for customers who are preparing to celebrate Eid‑ul‑Fitr.

Vendors have established temporary stalls and hand carts within active business districts to sell fresh banknotes, which they display for higher prices than their actual worth.

Shoppers traditionally buy crisp notes during Eid to give Eidi to children and family members. The sellers in Raja Bazaar, Rawalpindi, Saddar Rawalpindi, and Commercial Market Rawalpindi charge customers extra fees to buy new banknotes.

A bundle of Rs. 10 notes worth Rs. 1,000 is being sold for Rs. 1,500, which means customers must spend Rs. 500 more than the actual value of the Rs. 10 notes.

A bundle of Rs. 10 notes, which has an estimated value of Rs. 1,000, is currently available for approximately Rs. 1,300. The trend continues with other denominations. A bundle of Rs. 20 notes worth Rs. 2,000 is being sold for Rs. 2,600 because twenty Rs. 50 notes cost approximately Rs. 1,300.

The report claims that ten new Rs. 100 notes are being sold for Rs. 1,400 across multiple stalls. Traders say that fresh note demand increases significantly during Eid because middlemen acquire these notes from banks and then sell them at higher prices to customers who want them.

The State Bank of Pakistan raises doubts about new currency note distribution when it issues fresh notes to banks, which then distribute them before Eid.

Authorities have yet to announce any enforcement action but they recommend that consumers obtain new currency notes through official banking channels whenever possible.