Business

When is the last date to exchange old banknotes?

Published

1 year ago

Farwa

The old-designed large-size banknotes of Rs10, Rs50, Rs100 and Rs1,000 can be exchanged from the State Bank of Pakistan (SBP) till December 31, 2022.

Last year, the federal government vide Gazette Notification F.No.2(1)IF-III/2010 dated December 23, 2021, extended the last date for the exchange of old designed large-size banknotes.

However, in a statement issued today the central bank clarified that December 31, 2022, is the “last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes shall no longer be exchangeable from the counters of the SBP Banking Services Corporation (BSC) and thus will lose their value.”

The holders of these old designed large banknotes can exchange these notes from the field offices of the SBP BSC by December 31 in order to protect the value of their savings in these banknotes.

Why are the notes replaced?

It should be noted that the State Bank is the sole issuer of banknotes in the country ensuring an adequate supply of good quality banknotes across the country is among its key strategic goals.

The SBP collects soiled and unfit banknotes from the market and replaces them with fresh ones. Like other central banks, the SBP issues new series of banknotes from time to time and demonetises the earlier series with the federal government’s approval.

Furthermore, the approval for the demonetisation of banknotes is granted by the federal cabinet on the recommendations of the SBP Board in terms of section 25(2) of the SBP Act, 1956.

The issuance of new series and demonetization of the old-designed banknotes helps central banks in checking to counterfeit and ensuring the integrity of banknotes in circulation.

The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The federal government had therefore decided to demonetize old design banknotes of Rs10, Rs50, Rs100 and Rs1,000.

Business

Pakistan’s gold prices are still declining; see the most recent

Published

16 hours ago

Farwa

The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

Business

Pakistan and the IMF begin talks for a new loan.

Published

17 hours ago

Farwa

Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

Business

Petrol prices are likely to drop significantly beginning May 16.

Published

17 hours ago

Farwa

According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.