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Pakistan moves to introduce own digital currency like Bitcoin

10:42 AM | 3 Jun, 2023
Pakistan moves to introduce own digital currency like Bitcoin
Source: File Photo

KARACHI – Pakistan’s central bank is moving to roll out its own digital currency in the future amid making impressive gains in digital banking.

The launch of digital currency represents a major advancement in another step for Digital Pakistan, however, its adoption needs strict regulations.

Digital currency in Pakistan will interrupt physical currency, cut the cost of financial dealings, and will change the flow of capital in society.

Lately, Shoukat Bizinjo, Additional Director of the State Bank’s Digital Financial Services Group, said several central banks, including SBP are exploring the concept of CBBCs (callable bull/bear contracts) as a potential avenue for launching digital currencies.

Addressing International Conference on Mobile Commerce 2023, Bizinjo said SBP is reviewing and consulting with other banks regarding CBBCs and digital currency.

He linked Electronic Money Institutions with notable progress in e-banking through the launch of e-money wallets for consumers and merchants, and other digital payment instruments such as prepaid cards and contactless payment instruments.

SBP officials said Pakistan has four live commercial Electronic Money Institutions, including NayaPak, Finja, CMPECC, and Sada Tech Pakistan, which have considerable e-money balance of Rs2 billion, managing 1.6 million e-money wallets.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 29, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 29, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 29, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Friday.

The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 29 September 2023

City Gold Silver
Lahore PKR 205,600 PKR 2,465
Karachi PKR 205,600 PKR 2,465
Islamabad PKR 205,600 PKR 2,465
Peshawar PKR 205,600 PKR 2,465
Quetta PKR 205,600 PKR 2,465
Sialkot PKR 205,600 PKR 2,465
Attock PKR 205,600 PKR 2,465
Gujranwala PKR 205,600 PKR 2,465
Jehlum PKR 205,600 PKR 2,465
Multan PKR 205,600 PKR 2,465
Bahawalpur PKR 205,600 PKR 2,465
Gujrat PKR 205,600 PKR 2,465
Nawabshah PKR 205,600 PKR 2,465
Chakwal PKR 205,600 PKR 2,465
Hyderabad PKR 205,600 PKR 2,465
Nowshehra PKR 205,600 PKR 2,465
Sargodha PKR 205,600 PKR 2,465
Faisalabad PKR 205,600 PKR 2,465
Mirpur PKR 205,600 PKR 2,465

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