Photo of Muhammad Ishaq Dar current Finance Minister of Pakistan.

No currency demonetisation in Pakistan: Finance Ministry

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Islamabad: Slamming media reports of demonetisation of currnecy notes, the Pakistan’s Finance Ministry today denied that the government was ready to demonetise Rs 5,000 notes.

A spokes person from Pakistan Finance Ministry was quoted saying, the government has not taken any decision to discontinue the circulation of Rs 5,000 note.

According to him, the current denomination of highest value notes in Pakistan is significantly smaller as compared to those of major currencies such as $100 note, euro 200 and pound sterling 50.

He said, only 17 per cent of the notes printed during the year 2015-16 were of Rs 5,000 denomination.

The government said discontinuation of Rs 5,000 notes would adversely affect the efficiency of exchange in commercial activities and become a source of major discomfort and anxiety for the people.

The spokesman said the government was pursuing a National Financial Inclusion Strategy in association with the State Bank of Pakistan, whereby digital transactions and branchless banking was being brought to the doorstep of people that would significantly reduce the dependence on currency.

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