Cash-strapped Pakistan's 'desperation' exposed? Misprinted one-sided notes in Karachi bank goes viral (WATCH)
By Sunita Iyer | First Published Mar 13, 2024, 11:21 AM ISTIn a shocking development, a branch of the National Bank of Pakistan (NBP) in Karachi, Pakistan, recently received bundles of misprinted currency notes of Rs 1000 denomination issued by the State Bank of Pakistan (SBP).
In a shocking development, a branch of the National Bank of Pakistan (NBP) in Karachi, Pakistan, recently received bundles of misprinted currency notes of Rs 1000 denomination issued by the State Bank of Pakistan (SBP). This revelation has raised serious concerns over alleged negligence within the country's banking system, further fueling questions about Pakistan's economic stability.
According to a report by ARY News, a purported video surfaced showing a manager of the NBP branch in Karachi displaying the one-sided blank currency notes of Rs 1000 denomination issued by the SBP.
PAKISTAN: Are fake/counterfeit 1000 currency being printed in the streets, or has the security printing press of Pakistan been seized by thugs in the government?
Manager National Bank of Pakistan Model Colony branch Karachi complains on camera that he has received one-sided… pic.twitter.com/n2xXfCieX6
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"The cash that arrived this morning has bundles of misprinted Rs1000 notes," the bank manager can be heard saying in the viral video. "One side of the notes are printed and the other is completely blank," he added, expressing ignorance over the circulation of such bills.
The matter reportedly came to light when a customer returned the misprinted currency notes to the bank staff. Upon investigation, it was found that all notes of Rs 1000 denomination were one-side blank in the newly-arrived bundles.
According to reports, a spokesman for the central bank said the matter was referred to the department concerned.
A National Bank of Pakistan branch in Karachi received bundles of misprinted one-sided rupees issued by the State Bank of Pakistan.
pic.twitter.com/iQKaBoArjh
This incident adds to a series of alarming events concerning Pakistan's currency. Just last year, the Senate Standing Committee on Finance expressed concerns over the circulation of counterfeit Rs 5000 notes, with even officials of the SBP failing to recognize them.
The committee chair, PPP Senator Salim Mandviwala, emphasized the gravity of the situation by presenting a bundle of counterfeit notes during a meeting, highlighting the pervasive nature of the issue.
Furthermore, during the same meeting, the SBP Deputy Governor Dr. Inayat Hussain admitted to the lack of a system to prevent the printing of fake currency within the country, raising serious questions about the efficacy of Pakistan's monetary policies.
The recent misprinting scandal has intensified the scrutiny on Pakistan's economic management, with many questioning whether the country, facing severe economic challenges, is resorting to desperate measures to safeguard its economy.
The circulation of misprinted and counterfeit currency not only undermines the confidence in the financial system but also poses a significant threat to the stability of Pakistan's economy.
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