Pakistan has directed its currency note printing press to remain operational to meet the increasing demand for cash during the coronavirus pandemic in the country. The number of coronavirus cases in the country is increasing despite the several measures and nationwide lockdown.
Sources at Pakistan Security Printing Corporation’s (PSPC) informed Pak Revenue, “We are almost unable to manage…but struggling due to low staff attendance.”
Furthermore, he said, “The State Bank of Pakistan (SBP) may task us with printing additional amounts during these challenging times that is why it (the central bank) has made sure the printing press remains operational during the lockdown.”
“Although we come under essential services employees are facing difficulties in commuting between home and the press (PSPC located in Karachi),” he added.
BMA Capital Executive Director Saad Hashmi said, “Printing of money during these difficult times may not contribute towards the increase in inflation because there is almost no demand left in the economy due to closure of markets and likely drop in consumption.”
The printing of money seems a complex and time-consuming task including multiple printing steps, ink drying, cutting, numbering, and packaging. However, the central bank has increased PSPC’s capacity to print money after it took over the corporation in the past.