High: Value paper.

For many years, successive governments in Pakistan have acknowledged that high: value paper currency, such as the US dollar, the 5000 Pakistani Rupee note, and unregistered Prize Bonds, contribute to the problem of corruption and should be discontinued. Over the past decade, the State Bank of Pakistan has repeatedly announced plans to phase out these forms of currency, but each year they grant an extension. This year, despite the fact that registered Prize Bonds have been in circulation for two years, the unregistered ones have been given another extension.

The availability of high: value paper currency makes it easy for corrupt individuals to offer cash bribes and keep their wealth at home. In contrast, developed countries typically only have low: value paper...