New Currency notes for Eid 2025: Black market forces people to pay extra

As Eid-ul-Fitr approaches, the illegal trade of fresh currency notes has surged in Karachi’s black market, forcing citizens to pay inflated rates reported on Wednesday.

Despite the State Bank of Pakistan’s (SBP) assurance of adequate distribution, many people—especially parents looking to give Eidi to their children—are struggling to get crisp notes through official channels.

Sky-High Black Market Rates for Fresh Notes

According to reports, street vendors and black market dealers in Bolton Market and other areas are selling fresh currency bundles at a hefty premium:

• Rs. 10 note bundle (worth Rs. 1,000) → Sold for Rs. 1,500

• Rs. 20 note bundle (worth Rs. 2,000) → Sold for Rs. 2,500

• Rs. 50 note bundle (worth Rs. 5,000) → Sold for Rs. 6,000

• Rs. 100 note bundle (worth Rs. 10,000) → Sold for Rs. 11,500

Frustrated citizens complain that despite waiting in long bank queues, they are unable to obtain fresh notes, leaving them with no choice but to buy from unauthorized sellers.

State Bank Assures Ample Supply, Denies Shortage

On March 18, 2025, the SBP dismissed rumors of a shortage, confirming that it had already distributed Rs. 27 billion in fresh currency notes to 17,000 bank branches nationwide.

The central bank has taken several measures to ensure fair distribution:

• ATMs and bank branches will remain stocked with new currency throughout Ramadan 2025.

• Cash monitoring teams have been deployed to prevent artificial shortages.

• Banks have been instructed to maintain uninterrupted ATM services during the Eid holidays.

Public Demands Stricter Crackdown on Black Market

Despite the SBP’s claims, citizens argue that black market dealers continue to thrive, exploiting high demand. Many are urging the government to take stricter action against hoarders and illegal sellers, ensuring fair access to fresh currency for all.

With Eid just around the corner, the issue highlights ongoing challenges in Pakistan’s financial system, as authorities struggle to curb the underground market for new notes.