State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday said that new currency notes will not be available on Eid al-Fitr this year as printing of new currency notes will take some time.
Talking with senior journalists in Karachi, Governor Jameel Ahmad said that the design of new currency notes is with the cabinet. He said that the federal government’s outstanding dues are worth $6 billion till yet.
He also clarified a key concern. There is no proposal under consideration for stopping the Rs. 5,000 note, he told the committee.
The SBP Governor said that talks are underway with three foreign countries who expressed their desire to open new branches in Pakistan.
Jameel Ahmad said that last year State Bank of Pakistan gave a profit worth Rs 2,400 billion to the federal government.
He said that our earnings had increased due to an increase in foreign exchange reserves. The SBP Governor disclosed that an increase from 5 to 6 percent was recorded in food exports.
More conditions have also been imposed on buying and selling in the open market. He said that strict action will be taken against these companies in case of violation.
Governor Jameel Ahmad said that the State Bank of Pakistan is strictly monitoring the exchange of currency.
He said that the State Bank of Pakistan cancelled the licenses of several exchange companies during the last two years.
