No plan to discontinue Rs5,000 banknote1 min read

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KARACHI: The State Bank of Pakistan (SBP) on Monday rejected all rumours regarding discontinuation of Rs5,000 banknote and asked the general public not to pay heed to any such disinformation which is aimed at creating unnecessary hype and anxiety.

The SBP’s board of directors has not submitted any recommendation for demonetisation or discontinuation of Rs5,000 or any other banknote to federal government, said a press release issued by the central bank.

Also Read: Foreign exchange: SBP reserves slip by $8.1m to $10.23b

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It clarified that Section 25 of the SBP Act, 1956 mandates a recommendation from the SBP board before the federal government takes any decision to de­­mo­netise or cancel bank notes.

The SBP assured that in case of demonetisation of any banknote, the central bank will notify the public in advance and provide ample time for public to exchange currency under demonetisation process.

The SBP places all such announcements on its website and circulates the same through its social media platforms as well.

(This news/article originally appeared in DAWN on September 11th, 2018)

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