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Pakistan to roll out digital currency

03:10 PM | 19 Sep, 2023
Pakistan to roll out digital currency
Source: File Photo

KARACHI – The federal government has decided to launch digital currency that will help saving costs incurred on printing and distribution of currency notes, it emerged on Tuesday.  

The State Bank of Pakistan (SBP) will support of the launch of digital currency and it will be issued on the guarantee of the government.

Reports said a dedicated department — Central Bank Digital Currency — has been established to conduct the cost benefits and feasibility analysis after the launch of the digital currency.

The new form of currency will not only strengthen the Pakistani rupee but also improve the economy.

The value of the digital currency will be equal to the Pakistani rupee as it is in practice in China where one unit of digital currency is equal to one Yuan, the News reported.

The government has planned to gradually replace currency notes with digital currency, maintaining the ratio of 80:20. The set ration will make sure that currency notes are available if there is any uncertain situation.

The digital currency will be helpful in documenting the every transaction and implementation of the monetary policy.

The World Bank in a statement has said that the new type of currency has potential to improve efficiency of financial industry, resilience and reliability.

Daily Pakistan Global Web Desk

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 20 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 20, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.25.

British Pound rate is 354.85 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.70.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.35 303.25
UK Pound Sterling GBP 354.85 358.35
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.7 74.42
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.5 7.65

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