ISLAMABAD: Pakistan’s Minister for Information and Parliamentary Affairs, Murtaza Solangi, on Monday said that the authority to formulate policy decisions on major national matters lies with the elected government.
Responding to a proposal advocating for the demonetization of the Rs 5000 currency note by the State Bank to address inflation and corruption, he questioned the appropriateness of a government with limited duration and powers making such policy decisions.
Solangi suggested waiting for the next parliament to address the issue and called for a comprehensive debate in the presence of the caretaker Finance Minister.
The minister highlighted that Rs 5000 currency notes were introduced in May 2006, and currently, approximately 905 million notes amounting to Rs 4525 billion are in circulation in the country.
Solangi clarified that the State Bank Act governs the issuance or discontinuation of currency notes.
Information Minister said that during the tenure of the Pakistan Tehreek-e-Insaf government, the State Bank of Pakistan had been granted more autonomy.
My reply to Senator Mohsin Aziz, PTI, on his motion, asking the caretaker government to discontinue Rs 5,000 currency notes on the floor of the Senate this evening. pic.twitter.com/CEl3rA1yPa
— Murtaza Solangi (@murtazasolangi) November 20, 2023
