Pakistan issues 5,000-rupee note

[HAFRIDI]

Islamabad, May 28 (Xinhua): The State Bank of Pakistan (SBP) on Friday launched the highest denomination currency note of 5,000 rupees and a newly-designed bill of 10 rupees, and announced that all other notes would be replaced by the end of the year, according to a Dawn newspaper report on Saturday.

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 5,000-rupee note reflected a sharp decline in the value of the rupee. Currently one U.S. dollar equals about 60 rupees.

"Printing of 5,000-rupee notes is nothing to do with inflation.

It does not reflect that prices have gone up," she said. The proposal to issue 5,000-rupee note was approved by the cabinet in 2004.