Tag: Currency

KASUR - There is no visible letup in the complaints of the public regarding counterfeit currency notes in Kasur district. Even the authorities concerned, especially police and other law-enforcing agencies, seem helpless to curb the menace.
When incidents regarding the circulation of fake currency notes appear in the media, the people are advised to get machines to check currency notes before receiving them. But the trouble is that buying such machines is not possible for every

ISLAMABAD - President Asif Ali Zardari proposed a currency swap arrangement between Pakistan and Sri Lanka in a meeting on proposed currency swap arrangements with friendly countries here at Aiwan-e-Sadr on Thursday, in order to reduce pressure on the foreign exchange reserves of both countries. The president urged swift finalisation of the currency swap agreement between Pakistan and China, saying that such arrangements should be concluded with Turkey and Sri Lanka to promote and

KASUR - The complaints of counterfeit currency are common in the district as many people have reported that they received such fake notes as appeared to be genuine. ZIC Oil Company Sales Officer Naveed Ashraf told Pakistan today that he used to collect cash from different shopkeepers and often found fake notes.
He added that it was impossible for him to check all the notes through machine. On the other hand, after receiving the complaints of fake notes, all the banks and

KARACHI - The State Bank of Pakistan (SBP), on Wednesday, lifted ban on the export of all types of foreign currencies (FCys) except the US dollar after, what the SBP spokesman said, was a result of stabilisation in the country's exchange rate.According to Exchange Companies Association of Pakistan (ECAP), the "good" decision would help the country avoid smuggling of foreign exchange and a monthly loss of over $200 million that the money exchangers used to contribute in the exchequer

WASHINGTON - Chinese President Hu Jintao urged an end to a 'zero sum' Cold War relationship with the United States and proposed new cooperation, but resisted US arguments about why China should let its currency strengthen. Indeed, in a sign that the future of the US currency continues to concern the most senior levels of the Chinese government, he said the dollar-based international currency system is a "product of the past". Overall though, the president, who will visit Washington

KARACHI - The State Bank of Pakistan will start issuing banknotes bearing the signature of SBP Governor Shahid Kardar with effect from January 3, 2011 from the field offices of SBP Banking Services Corporation.
According to an SBP statement, the banknotes bearing signatures of Kardar' predecessors shall continue to remain in circulation as Legal Tender.

LAHORE: Rising demand for the Yuan in Hong Konghas ignited debate over whether the local dollar's 27-year peg to the US dollar should be switched in favor of a linkage to mainland China's currency.
Yuan deposits in HK's banks more than doubled to a record $ 22 billion in the last six months.
The Hong Kong dollar was Asia's weakest performer in 2010; its pegged exchange rate means that the monetary policy is largely determined by the course the US currency takes.