Time Period: 1948-

Currency: Pakistani Rupee


Timeline

  • 14.08.1947
  • Indian ordinance [Pakistan (Monetary System and Reserve Bank) Order] on the partition of the Reserve Bank of India, which remained the (acting) currency institute until 30.09.1948; effective immediately.
    - 31.03.1948: Ordinance [Monetary System and Reserve Bank (Amendment) Order], amending the 1947 ordinance and shortening the transition period to 30.06.1948; effective immediately.
  • 31.03.1948
  • Ordinance [Currency, No. XIII] on the issuance of paper money; effective 01.04.1948
    - 11.04.1950: Law [Currency Act, No. XXIX], replacing the 1948 ordinance; effective 01.04.1948 (retroactive)
  • 01.04.1948
  • Start of currency exchange:
    - 01.04.1948: Start of issuance of overprinted banknotes by the Reserve Bank of India
    - 30.09.1948: Demonetization of the Indian banknotes without overprint
    - 01.03.1949: Start of issuance of regular banknotes by the State Bank of Pakistan
    - ??.??.1949: Demonetization of the overprinted Indian banknotes.
  • 12.05.1948
  • Ordinance [State Bank of Pakistan Order] on the establishment of the State Bank of Pakistan as central bank; effective upon constitution of the bank on 01.07.1948
    - 18.04.1956: Law [State Bank of Pakistan Act, No. 33], replacing and amending the 1948 order; effective 01.07.1948 (retroactive)
  • ??.??.1960
  • Ordinance [Pakistan Coinage Act (Amdt.), No. 31], amending the Indian law [Pakistan Coinage Act, No. III] of 02.03.1906, on the decimalization of the currency; effective 01.01.1961

Valuation Regimes

  • 1948-1949
  • Fixed rate against British Pound
  • 1949-1982
  • Fixed rate against US Dollar
  • 1982-
  • Variable rate

Rate Arrangements

  • 01.04.1948
  • Fixed
  • British Pound at 1 : 13⅓
  • ±0.0%
  • 20.09.1949
  • Fixed
  • US Dollar at 1 : 3.309 - [Gold parity (19.03.1951)] 268.60mg AU fine
  • ±0.0%
  • 31.07.1955
  • Fixed
  • US Dollar at 1 : 4.762 - [Gold parity] 186.62mg AU fine
  • -30.5%
  • 11.05.1972
  • Fixed
  • US Dollar at 1 : 11 - [Gold parity] 74.41mg AU fine
  • -56.7%
  • 16.02.1973
  • Fixed
  • US Dollar at 1 : 9.90
  • +11.1%
  • 08.01.1982
  • Variable
  • initially: US Dollar at 1 : 10.10
  • -2.0%


End-year Forex Rates (Units per US Dollar)