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The State Bank of Pakistan will unveil new currency notes by December, as announced by Governor Jameel Ahmed on Wednesday. Speaking to the Senate Standing Committee on Finance, chaired by Senator Salim Mandviwala, Ahmed detailed the plans for the redesigned notes, which will feature improved security measures. The new notes will showcase prominent figures: the […]
China and Russia are now executing over 90% of their transactions without using the US dollar, opting instead for rubles and yuan. This major shift reflects their joint strategy to reduce reliance on the dollar. Russian Foreign Minister Sergei Lavrov announced that this change is part of a broader de-dollarization strategy embraced by both countries. […]
The State Bank of Pakistan (SBP) has unequivocally rejected recent reports suggesting the issuance of polymer (plastic) banknotes. In a firm statement released on Saturday, the central bank dismissed these claims as “baseless and without substance.” “No change under consideration” Amid speculation about the SBP’s purported plans to introduce plastic currency notes as a measure […]
The BRICS group, which is composed of Brazil, Russia, India, China, and South Africa, is reportedly collaborating on the creation of a new form of currency. According to recent reports, there is a possibility that the member countries may transition to using their own national currencies, and eventually introduce a novel form of currency, possibly […]
According to Malik Bostan, President of the Exchange Companies Association of Pakistan (ECAP), his organization has proposed providing the Pakistani government with $1 billion per month in financing for the next two years to eliminate the need for International Monetary Fund (IMF) funding. Bostan suggested that exchange companies should be authorized to borrow US dollars […]
