The State Bank of Pakistan has clarified that there is no proposal under consideration to discontinue the Rs5,000 currency note, putting an end to widespread speculation about a possible withdrawal. The clarification came amid growing public debate and concerns over the future of high-denomination currency notes in Pakistan.
SBP Governor Jameel Ahmad made the remarks while briefing the Senate’s Standing Committee on Finance. He stated that removing the Rs5,000 note would have a major and disruptive impact on the economy, as the denomination is widely used in daily and large-value transactions across the country.
Chairman Federal Board of Revenue Rashid Langrial also warned that even discussing the discontinuation of the Rs5,000 note could create serious uncertainty. He noted that such speculation can negatively affect market confidence, particularly when the note remains deeply embedded in commercial and personal transactions nationwide.
The SBP governor further explained that any decision related to currency replacement or withdrawal cannot be taken unilaterally. He emphasized that such measures require formal approval from the federal government and the federal cabinet, ensuring that any change follows a structured and legal process.
Jameel Ahmad informed the committee that the SBP Board has already approved designs for new currency notes. These designs include enhanced security features and a revised color scheme, aimed at reducing counterfeiting, improving durability, and aligning Pakistan’s currency with modern international standards.
Officials stressed that these planned changes relate only to upgrading the design and security features of currency notes. There is no intention to withdraw any existing denomination, including the Rs5,000 note, from circulation. The SBP reiterated that public confidence in the national currency remains a priority, and unnecessary speculation should be avoided.
