SBP rejects rumours about discontinuation of Rs 5000 banknotes | Pakistan Today

SBP rejects rumours about discontinuation of Rs 5000 banknotes

KARACHI: Responding to rumours circulating on social media regarding discontinuation of Rs 5000 banknotes, State Bank of Pakistan (SBP) has once again categorically rejected all these rumours and requested the general public to pay no heed to such disinformation.

The bank has further clarified that SBP Act-1956 clearly defined the roles and responsibilities of different institutions including SBP for issuance, circulation and demonetisation or cancellation of banknotes.

‘Specifically, Section 25 of the Act-1956 requires a recommendation of SBP board of directors before the federal government makes any decision about the demonetisation or cancellation of banknotes’, It added.

The SBP board has not submitted any recommendation for demonetisation or discontinuation of Rs 5000 or any other banknote to the federal government or cabinet. Further, in case of demonetisation of any banknote, SBP announces the same well in advance and provides ample time to public to change the currency under demonetization process.

SBP places all such announcements on its website and circulates the same through its social media platforms as well. The public is therefore advised not to pay heed to any such rumours which are aimed at creating unnecessary hype and anxiety.

They may also verify announcements from SBP Website (www.sbp.org.pk), Facebook page https://www.facebook.com/StateBankPakistan) and Twitter account before forwarding the same to their contacts.



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