The tradition of giving Eidi in crisp new banknotes remains a cherished part of Eid celebrations. However, the limited availability of fresh currency through official channels has forced many to turn to the black market, where hefty premiums are being charged.
Despite the State Bank of Pakistan (SBP) distributing Rs27 billion in new notes to commercial banks, the demand continues to outstrip supply, fueling a thriving underground trade in markets like Bolton Market.
Exorbitant Black Market Rates:
- A bundle of Rs100 notes is selling for Rs600 above face value.
- A Rs50 bundle costs an additional Rs5,900.
- Rs20 bundles carry a Rs450 markup.
- Rs10 bundles are priced Rs1,450 higher than their actual value.
Inflation and Financial Strain:
The rising costs of black-market currency are burdening families already struggling with inflation, making it harder to uphold the Eidi tradition. Many have called on authorities to crack down on profiteering and ensure equitable access to fresh banknotes through proper channels, preserving the spirit of generosity and celebration during Eidul Fitr.
