Karachi: State Bank of Pakistan (SBP) has reminded the masses to get coins of 1, 2, 5, 10, 25 and 50 paisa exchanged from SBP and BSC offices and branches of commercial microfinance banks. To cultivate more attention of the masses, SBP has asked the several branches and offices to put up banners and posters, demanding exchange of the coins.
It is worthwhile here to mention that the federal government had earlier issued notice of end legal importance of 1, 2, 5, 10, 25 and 50 paisa coins would end by 1st October 2014. [alert style=”white”] However, the coins can be exchanged from respective offices and banks of SBPs and BSC till September 2014. [/alert]
It is in Pakistan only, where as being a poor nation, we do not have exchange concepts in coins. In every part of the world paisa, the coins are valuable and have leverage to make difference in the overall financial situation.
Depreciation of Pakistan currency in the global market and the high inflation rates are the reasons that the coins have lost their worth. SBP for past several years had ended the system of transacting money and making payments in the form of paisa. Since 1906, 1, 5, 10, 25 and 50 paisa coins have been in circulation.
