The tradition of giving Eidi, often in the form of crisp new currency notes, remains a cherished cultural practice during Eid celebrations. However, the limited availability of new banknotes at official channels has left many unable to uphold this tradition, forcing them to turn to the flourishing black market this Eidul Fitr.
Despite the State Bank of Pakistan (SBP) distributing Rs27 billion in fresh currency notes to commercial banks ahead of Eid, the public continues to struggle in obtaining these notes.
This scarcity has fueled a thriving black market, particularly in areas like Bolton Market, where brokers are selling currency bundles at exorbitant premiums.
For instance, a bundle of Rs100 notes is being sold at a markup of Rs600, while a Rs50 note bundle costs an additional Rs5,900. Similarly, Rs20 bundles come with a Rs450 premium, and Rs10 bundles are priced at Rs1,450 above face value.
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Meanwhile, the increasing cost of black-market notes is adding to the financial strain on families already grappling with rising inflation, making the joyous tradition of Eidi less accessible for many.
The public has urged the authorities to crack down on illegal profiteering and ensure that new currency notes are readily available through proper channels, preserving the spirit of generosity and celebration associated with Eid.
