Rs6.6 billion spent on printing of new banknotes in FY14-15

KARACHI: The central bank spent Rs 6.690 billion on the printing of new currency notes in the fiscal year 2014-15.

According to the Annual Performance Review released by the State Bank of Pakistan (SBP), the cost of printing of new notes have increased by nine percent in the outgoing financial year compared to the expense of Rs6.146 billion during the previous year.

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As per the review, the total expenditure of central bank in the corresponding period increased to Rs38.674 billion as against Rs35.471 billion last year. The agency commission is paid to National Bank of Pakistan (NBP) for handling government banking business as an agent of SBP amounted to Rs 7.243 billion was paid to the NBP, which was 12 percent higher than the agency commission of Rs 6.463 billion paid last year.

The surplus profit of the State Bank of Pakistan (SBP) showed a growth of 48 percent in the financial year 2014-15, standing at Rs 397.690 billion as against last year’s surplus profit of Rs 268.634 billion.