Saturday, February 25, 2012

Currency in circulation

The total number of currency notes in circulation in Pakistan increased to Rs.1798.987 billion, according to a State Bank of Pakistan report for the week ending on February 10, 2012.
The corresponding figure for the week ending on February 3rd was Rs.1755 billion notes.
This latest report reveals that the total number of currency notes issued were Rs.1,799,114,377.00 (Rupees one trillion, seven ninety nine billion, one hundred and fourteen million and three hundred and seventy seven thousand).
The total number of notes held in the banking department stood at Rs.127,070,000. The total assets held by the State Bank were Rs.1,799,114,377,000 while the liabilities were also of the same figure. The total liquid foreign reserves as of February 10 stood at US $ 16,768 million.
Of this the reserves held by SBP were US $ 12,286 million. The net reserves of other banks were US $ 4,482 million.
It is important to note here that when govt prints extra notes to finance its budget deficit to meet its expenditure, it feeds inflation. Govt  should try either to reduce its expenses or increase its revenues.

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