Is SBP issuing new currency notes for Eid ul Fitr 2024?

With Eid ul Fitr 2024 approaching, there is a surge in demand for new currency notes of various denominations to give as Eidi. However, the State Bank of Pakistan (SBP) has not made any announcement regarding the matter; therefore, it is highly unlikely that it will be issuing new currency notes for Eid ul Fitr.

It is pertinent to mention that the State Bank of Pakistan (SBP) along with commercial banks have stopped providing new banknotes on Eid ul Fitr as it was giving rise to an illicit black market, which allowed the currency mafia to exploit the situation.

The currency mafia took advantage of the situation and grabbed all the new currency notes from the market and sold them at extra charges. However, people will still turn to the black market to obtain fresh currency notes for Eid ul Fitr if they are unable to obtain them from commercial banks or SBP counters.

Eid ul Fitr is expected to fall on April 10th or April 11th, 2024, depending on the Shawwal crescent sighting by the Central Ruet-e-Hilal Committee. If the Shawwal moon is sighted on April 9, Eid ul Fitr will be celebrated the next day on April 10, which means Ramadan will last only 29 days. However, if the Shawwal moon is not sighted on April 9, Ramadan will complete 30 days, and Eid ul Fitr will fall on April 11, 2024.

The Government of Pakistan has announced four Eid ul Fitr holidays from April 10th to April 13th, 2024, for both the public and private sectors. However, since April 13th falls on a Saturday, everyone will have an additional holiday on Sunday, which gives everyone a total of 9 off days.

Meanwhile, the State Bank of Pakistan (SBP) has also announced that it will remain closed along with all commercial banks from April 10th to April 12th (Wednesday to Friday). However, since Saturday and Sunday are already off days, all banks will enjoy a total of 5 days off and open on Monday, April 15th, 2024.

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