#PAKISTAN BANK NOTE HOW TO#On Monday, the IMF said policy discussions, including how to target support to those affected by the floods while maintaining macroeconomic stability, will commence in coming weeks after the damage assessment report becomes available. "I have been dealing with the IMF for the last 25 years I will deal with it," he said, referring to any potential reservations by the lender. FUEL PRICESĭar also defended his decision to slash fuel prices days after taking over - reversing a policy of raising prices monthly through added levies to ensure enhanced revenues as agreed with the IMF.ĭar said imposing additional levies was not justified as the country struggled with catastrophic floods that have killed more than 1,600 people and inflicted at least US$30 billion in damages. One of the agreements was to implement a market-determined exchange rate and to stop government intervention in the central bank. The country was only recently able to restart an International Monetary Fund (IMF) bailout package after agreeing to undertake difficult reforms. According to central bank figures, Pakistan currently has just US$8 billion in reserves, barely covering a month of imports, making market intervention through currency injections difficult. Since Dar took over, the rupee has strengthened. He added that the rupee would be strengthened though government "policies" as the current rate was inflated due to speculation.ĭar, who was sworn in last week as finance minister for his fourth stint in the role, has strongly favoured intervention in currency markets in the past. "The rupee's real value is below 200 (to US$1), and, God willing, it will come below 200 (rupees)," Minister Ishaq Dar said in an interview with local television channel Geo News. The rupee is currently at around 227 to the US dollar, and the currency has been in turmoil, falling as much as 30 per cent this year. The images of national animal Markhor and national tree Deodar on the reverse also highlight the danger of extinction of such species and the need to preserve them.KARACHI, Pakistan: Pakistan's newly appointed finance minister said on Monday that the country's currency will strengthen to under 200 rupees to the US dollar. SBP further said that the reverse of the banknote highlights country’s national commitment towards climate change and its repercussions for Pakistan, which has gained added urgency in the light of unprecedented loss caused by the recent torrential rains and flooding in large parts of Pakistan. The commemorative banknote has been designed to pay tribute to the leaders contributing towards creation of Pakistan and create awareness about climate change and its impact on our environment,” it added.Īccordingly, the obverse of the banknote is graced with the portraits of Quaid-i-Azam Muhammad Ali Jinnah, Allama Sir Muhammad Iqbal, Mohtarma Fatima Jinnah and Sir Syed Ahmed Khan, it said. Products Note / Cash Counters Banknote Binding Machine Switch Thumb 1.Micro-computer control 2.High bundling speed: 2 seconds/bundle 3.Auto horizontal and lateral bundling 4. “The themes and concepts for both the obverse and reverse sides of the banknote were developed by SBP and local artists. “This is the second commemorative banknote issued by SBP after the issuance of first commemorative note issued to mark the fifty years of independence of the country in 1997.” “This banknote is legal tender under section 25 of the SBP Act, 1956, and can be used as medium of exchange for all transactions across Pakistan,” the central bank said.
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