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Introduction
The Pakistani rupee (Urdu: ( ) sign: or ; code: PKR) is the official currency of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan, the central bank of the country. The most commonly used symbol for the rupee is Rs, used on receipts when purchasing goods and services. In Pakistan, the rupee is referred to as the "rupees", "rupaya" or "rupaye". As standard in Pakistani English, large values of rupees are counted in terms of thousands, lakh (100 thousand) and crore (10 million). History The word rpiya is derived form Sanskrit word rpya, which means "wrought silver, a coin of silver",[2] in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rpa "shape, likeness, image". Rpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE. The Pakistani rupee was put into circulation in Pakistan after the dissolution of the British Raj in 1947. Initially, Pakistan used Indian coins and notes simply over-stamped with "Pakistan". New coins and banknotes were issued in 1948. Like the Indian rupee, it was originally divided into 16 annas, each of 4 pice or 12 pie. The currency was decimalised on 1 January 1961, with the rupee subdivided into 100 pice, renamed (in English) paise (singular paisa) later the same year. However, coins denominated in paise have not been issued since 1994. Major events In 1948, coins were introduced in denominations of 1 pice, , 1 and 2 annas, , and 1 rupee. 1 pie coins were added in 1951. In 1961, coins for 1, 5 and 10 pice were issued, followed later the same year by 1 paisa, 5 and 10 paise coins. In 1963, 10 and 25 paise coins were introduced, followed by 2 paise the next year. 1 rupee coins were reintroduced in 1979, followed by 2 rupees in 1998 and 5 rupees in 2002. 2 paise coins were last minted in 1976, with 1 paisa coins ceasing production in 1979. The 5, 10, 25 and 50 paise all ceased production in 1996. . This is noted by very few people. The one and two rupee coins were changed to aluminium in 2007[3]
rupee
The basic unit of currency is the Rupee, ISO code PKR and abbreviated Rs, which is divided into 100 paisas. Currently the newly printed 5,000 rupee note is the largest denomination in circulation. Recently the SBP has introduced all new design notes of Rs. 5, 10, 20, 50, 100, 500, 1000, and 5000 denomination, while the design work of Rs.10,000 note is in progress which will help the banking industry in keeping few notes in saving accounts. The new notes have been designed using the euro technology and are made in eye-catching bright colours and bold, stylish designs. Dollar-Rupee exchange rate The Pakistani Rupee was pegged to the Pound sterling until 1982, when the government of General Zia-ul-Haq, changed it to managed float. As a result, the rupee devalued by 38.5% between 1982/83 many of the industries built by his predecessor suffered with a huge surge in import costs. After years of appreciation under Zulfikar Ali Bhutto and despite huge increases in foreign aid the Rupee depreciated.
The economy of the Islamic Republic of Pakistan is suffering with high inflation rates well above 26%. Over 1,081 patent applications were filed by non-resident Pakistanis in 2004 revealing a new-found confidence.[50] Agriculture accounted for about 53% of GDP in 1947. While per-capita agricultural output has grown since then, it has been outpaced by the growth of the nonagricultural sectors, and the share of agriculture has dropped to roughly one-fifth of Pakistan's economy.
In recent years, the country has seen rapid growth in industries (such as apparel, textiles, and cement) and services (such as telecommunications, transportation, advertising, and finance).
24. REASONS TO DECLINE IN CURRENT A/C BALANCE:Fall in payments on account of repatriation ofdividends,interest on debt,freight on merchandise imports &lower outflows fromforeign exchange companies.DECLINE IN FINACIAL A/C:Decline in financial account surplus, which emerged in2008, continued in JulyApril 2009-10 the deficit in thefinancial account is attributed to lower loan inflows,foreign investors risk & amid global crisis The majorsectors that recorded decline included communication,financial business and oil & gas exploration.
25. CAMPARISONDecline in trade deficit is due mainly to a fall in imports complimented by overall improvementin Exports during JulyApril 200910. The improvement in income account is based on a declinein investment income outflows & fall in net interest payments .The increase in services exports ismainly led by communication, financial, government and other business services. Lower passage& freight earnings and reduced local operations of foreign transport companies remained thekey factors behind the overall decline in the transportation services exports. CAPITAL & FINANCIALCURRENT ACCOUNT ACCOUNT BALANCE TRADE BALANCE 4% 6% CAPITAL ACCOUNT SERVICE BALANCE FINANCIA 44% 37% L INCOME ACCOUNT ACCOUNT BALANCE 90% NET 11% ERRORS & 8% CURRENT OMISSION TRANSFER S NET