Home Business Economy Fake News – State Bank has Issued PKR 10,000 Currency Note

Fake News – State Bank has Issued PKR 10,000 Currency Note

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A fake PKR 10,000 currency note is circulating over the internet. The news is spreading that State Bank of Pakistan has issued PKR 10,000 currency note but it is fake news with zero authenticity.

Here is the sarcastic tweet.

“PKR. 10,000 currency note now Economy getting stronger”

So as per the above tweet, State Bank has denied any such news.

A similar news came two years ago that State Bank of Pakistan (SBP) is issuing Rs 10,000 bank note but SBP denied the news. State Bank of Pakistan categorically said that they have no plans of issuing any higher banknote as the seven denominations of already present banknotes meet the business and transactional needs of the country.

A couple of days back we reported that the dollar prices in Pakistan have reached Rs.116.9 as per Forex.pk. Traders were buying the dollar at Rs.117 and selling it at Rs.119. This shocking change in dollar disturbed the traders and Pakistan public in general.

The sudden devaluation of rupee again dollar was the major reason that people assumed that now State Bank can possibly issue another currency note. An imbalance in the economy of the country will definitely affect the currency of the country but till now no government official or State Bank representative has claimed that PKR  10,000 banknote will issue. So this is just speculation till now.

It is pertinent to mention here that there have been major consequences of the devaluation of rupee against the dollar from an increase in fuel prices to increase in car prices of all leading automaker in Pakistan Toyota, Suzuki and Honda to raise in ride-hailing companies fares. Furthermore, due to currency downfall, all imported goods get expensive which leads to the trade deficit. Also, the overall investment environment gets negatively affected.

Read more: Economic effects of devaluation of Rupee against the dollar