KARACHI, May 26: The State Bank on Friday launched the highest denomination currency note of Rs5,000, and a newly-designed bill of Rs10, and announced that all other notes would be replaced by the end of the year.
SBP governor Dr Shamshad Akhtar addressing a press conference after the launching ceremony faced a volley of questions from media personnel who insisted that the Rs5,000-note reflected a sharp decline in the value of the rupee.
“Printing of Rs5,000 notes is nothing to do with inflation. It does not reflect that prices have gone up,” she said. The proposal to issue Rs5,000 note was approved by the cabinet in 2004.
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