The State Bank of Pakistan (SBP) has clarified that there are no plans to withdraw the Rs5,000 currency note, easing public concerns about the high-value bill.
Governor Jameel Ahmad made the announcement while briefing the Senate’s Standing Committee on Finance. He said removing the Rs5,000 note would have a major disruptive impact on the market and could create financial uncertainty.
Chairman of the Federal Board of Revenue (FBR), Rashid Langrial, also warned that even discussing discontinuation could affect the economy. The Rs5,000 note is widely used in transactions, making it an important part of daily financial activities.
Governor Ahmad explained that any decision to replace or change currency notes would require formal approval from the federal government and the cabinet. The SBP cannot take unilateral action regarding currency replacement.
The SBP board has already approved new designs for currency notes. These redesigned notes will include enhanced security features and a new color scheme to prevent counterfeiting and improve durability. The changes aim to make banknotes more secure while keeping all existing denominations in circulation.
Officials emphasized that the updates are focused on design and security improvements, not on eliminating any current notes. Citizens can expect new currency notes only after proper approval by the federal cabinet, ensuring an orderly implementation process.
The SBP’s clarification comes amid market concerns and speculation about the future of high-denomination currency. By confirming that the Rs5,000 note will remain, the central bank aims to maintain stability and confidence in Pakistan’s currency system.
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These measures reflect the SBP’s ongoing efforts to modernize banknotes while safeguarding the economy and supporting smooth financial transactions across the country.
