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Rs 5,000 note not being pulled from circulation: Finance Ministry

02:12 PM | 26 Dec, 2016
Rs 5,000 note not being pulled from circulation: Finance Ministry
ISLAMABAD - The official spokesman of the Ministry of Finance has categorically denied news reports and rumours circulating in a section of press and some business circles regarding demonetization of Rs 5000 note.

The statement said the government has not taken such a decision, and there is no justification for the discontinuation of Rs 5000 note.

The spokesman elaborated his position that the current denomination of highest value notes in Pakistan i.e. Rs 5000 was significantly smaller compared to those of major currencies such as $100 note, Euro 200 and Pound Sterling 50. During 2015-16, only 17% of the notes printed were of Rs 5000 denomination.

Last week, the Senate passed a resolution calling on the government to withdraw Rs 5,000 note from circulation.

The resolution, moved by Senator Osman Saifullah Khan of the opposition Pakistan People Party, was strongly opposed by members of the government.

The resolution called on the government to demonetise the high denomination bank notes "in order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy".-Online

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 18 April 2024

Pakistani currency continues to gain against US Dollar and other currencies on April 18, 2024. US dollar was being quoted at 277.2 for buying and 280.3 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 18 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.2 280.3
Euro EUR 293 296
UK Pound Sterling GBP 342.25  345.65 
U.A.E Dirham AED 75.25  75.95
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 739.63 747.63
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.32 3.43
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 912.91
Malaysian Ringgit MYR 58.24 59.52
New Zealand Dollar NZD 164.75 169.63
Norwegians Krone NOK 25.42 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.56 7.76

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