Islamabad: State Bank of Pakistan Governor Muhammad Jameel Ahmad has clarified reports about the discontinuation of the Rs5,000 currency note, calling the circulating claims incorrect.
Briefing the Standing Committee on Finance, the SBP governor said there is no proposal to abolish the Rs5,000 note. He explained that instead, Pakistan will introduce newly designed currency notes ranging from Rs10 to Rs5,000.
He added that a decision on the new currency designs is expected soon after approval from the federal cabinet. The redesign aims to modernize banknotes and enhance security features.
According to the governor, the SBP Board has already approved the designs and security features of the new notes. The committee chairman has directed that all redesigned banknotes be presented in the committee’s next meeting.
During the briefing, it was also revealed that around Rs13 trillion is currently in circulation across the country, highlighting the scale of cash usage in Pakistan.
Officials said the introduction of new designs will not affect the value or legality of existing notes and is part of routine currency modernization efforts by the central bank.
