Pakistan's central bank not demonetizing Rs 5,000 notes, quashes rumours

Islamabad, Sep 10 (IANS) The State Bank of Pakistan (SBP) on Monday quashed rumors regarding discontinuation of the Rs 5,000 banknote.

The rumors made a frenzy on social media in the last few weeks after cricketer-turned-politician Imran Khan's Pakistan Tehreek-e-Insaf took power after victory in the July 25 General Elections.

The SBP, in a statement on Monday, rejected the rumors related to the discontinuation of 5,000 Pakistani rupees banknote and advised the general public to pay no heed to such misinformation.

The statement said: "The SBP board has not submitted any recommendation for demonetization or discontinuation of Rs 5000 or any other banknote to Federal Government or Cabinet."

"In case of demonetization of any bank note, SBP announces the same well in advance and provides ample time to the public to change the currency under demonetization process," it added.

The country's central bank has also placed all such announcements on its official website as well as on social media platforms.