The currency of Pakistan is the Pakistani rupee. Its ISO code is PKR, the official abbreviation of the currency is Re (singular and Rs (plural). A Pakistani rupee is divided into 100 Paise. Due to the low value of the Paise coins, they are rarely in circulation and have not been in circulation since 1996 more newly coined.
There are banknotes in denominations of 10, 20, 50, 100, 500, 1,000 and 5,000 Pakistani rupees and coins in denominations of 1, 2 and 5 Pakistani rupees. All issued by the State Bank of Pakistan.
History of Pakistani currency
Today’s Pakistani rupee has only existed since 1961. When Pakistan gained independence from the former British India in 1947, the Indian rupee was the official currency in the country for several years. In 1956 the first Pakistani rupee was issued, which consisted of 16 annas, which corresponded to 64 paises.
It was not until 1961 that the Pakistani state bank switched to the decimal system. In Pakistan there are currently seven different valid versions of paper money and even more different coins in circulation, which make it a little difficult for strangers to distinguish the notes.
Exchange into Pakistani currency
The Pakistani currency is a domestic currency that can practically only be exchanged in the country. Due to the long-term unstable political and economic situation in the country, the Pakistani currency is very weak. The exchange rates are fluctuating and depending on the region, bank, exchange office and payment method, the prices for buying and selling also differ greatly from the official exchange rate.
The import of Pakistani rupees is limited to a maximum of Rs 10. When leaving the country, a maximum of Rs 500 will be exchanged for the foreign currency, provided that an exchange receipt can be presented.
When exporting foreign currency, it is important to ensure that only the amount stated on entry, minus any exchanges on receipts, may be re-exported.
The exchange receipts must therefore be kept. In the capital Islamabad and other larger cities there are ATMs where foreigners can withdraw cash with the normal cash card. Credit cards are accepted in most of the larger hotels.