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Country Currency Miscellaneous in Country Currency . 1 month ago
The Pakistani rupee (Urdu: روپیہ / ALA-LC: Rūpiyah; sign: ₨; code: abbreviated as PKR) has been the official currency of Pakistan since 1948. The coins and notes are issued and controlled by the central bank, namely State Bank of Pakistan.
Since the United States dollar suspension in 1971 of convertibility of paper currency into any precious metal, Pakistani rupee is, de facto, fiat money. Before the collapse of Bretton Woods system, currency was pegged at fixed exchange rate to the United States dollar for international trade and was backed by the US gold. The currency was convertible to gold on demand.
In Pakistani English, large values of rupees are counted in thousands; lakh (100,000); crore (ten-millions); arab (billions); kharab (hundred-billions).
Posted on 13 Nov 2024, this text provides information on Country Currency related to Miscellaneous in Country Currency. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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