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02 Dec 2020

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State bank of Pakistan announces not to issue fresh currency this eid ul Fitr
State bank of Pakistan

State bank of Pakistan announces not to issue fresh currency this eid ul Fitr 

State bank of Pakistan announces No crisp notes for Eidul Fitr this year.
The decision comes from the bank’s management taking multiple precautionary measures to secure social distancing and reduce the spread of coronavirus.

Consistently the bank’s coronavirus committee chaired by DG (Banking & FMRM) in its meeting held on April 29, 2020, has decided Not to issue fresh currency to the general public and employee and Its division on the occasion of Eid-ul-Fitr.

State bank of Pakistan lacerate interest rate to 9%:

Last month, the SBP announces to provide relief to various sectors of the country strike hardest by the coronavirus had lacerated the interest rate from 11% to 9% as a measure to provide relief to businesses taking a strike from the coronavirus. It is also stated that the central bank has also announced the provision of loans at allowance rates for companies to be able to pay their worker’s salaries during a lockdown imposed to contain the coronavirus pandemic back in April.

Cental bank which it stated that this decision has been taken because the global and domestic outlook will further decline due to the coronavirus pandemic.

In a statement central bank of Pakistan announces that companies, could borrow an amount equal to the sum of their employee’s payment for the months of April, May, and June at a lowered interest rate in order to make sure that people were paid during the lockdown and the economic effect from coronavirus crisis could be controlled.

Author: Abdul Rahman

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