SBP Denies Discontinuing Rs. 5000 Banknotes

The State Bank of Pakistan (SBP) has refuted media reports that it is discontinuing Rs. 5000 banknotes in the near future.

The clarification comes after media reports suggested that the SBP is going to scrap the biggest currency note in the country.

The news has been making rounds on social media, alleging that the top bank has submitted a proposal to the federal government and that it would help curb money laundering.

Responding to these rumors, the central bank issued a clarification late on Tuesday.

A spokesperson from the state-owned bank said that no such proposal has been forwarded or is in consideration.

SBP has not submitted any such proposal which could result in discontinuation of the 5,000 Rupees banknote. Such news items are baseless.

He added that the central bank announces actions like these well in advance and gives the public ample time to get their currency notes exchanged.