ISLAMABAD – The State Bank of Pakistan (SBP) has refuted reportscirculating on social media that it is discontinuing the Rs5000 currencynote.
“The SBP strongly denies that any proposal to discontinue Rs5000 currencynote has been forwarded by the SBP,” the central bank’s spokesperson saidin a statement. “Such news items are baseless,” the spokesperson added.
The clarification from the central bank comes days after there were reportscirculating that the State Bank would discontinue Rs5000 notes, since thecentral bank has banned the sale of 40,000 prize bonds earlier.
According to the SBP, the expiry date for encashment of these bonds isMarch 31, 2020 after that the bonds will become useless since they would nolonger be included in draws.
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The SBP has also directed banks to stop selling old and unregisteredRs40,000 Prize Bonds. According to State Bank, the bonds would be convertedinto Rs40,000 Premium Prize Bonds and they can also be converted intosaving certificates.
Earlier, the SBP decided to enhance the existing limits of exports-relatedsoft loans up to Rs100 billion and secondly allowed manufacturing sector anadvance payment of up to $10,000 for import of raw materials and spareparts.
